After pre approval for a mortgage what other paper work will they ask for?
I have already submitted 2 yrs w2, 2 mos paycheck stubs, 2 mos check and saving statements. My credit was checked and it was sent to the underwriters for pre approval. But else might they need? I want to be proactive and start collecting everything now; I am trying for an FHA loan and do have the 3.5% down payment. I don’t want any suprises either
Here is going to be a list of items:
1. Copies of Driver’s License and Social Security Cards
2. You will have to sign 4506-T’s (IRS transcript)
3. If you have an funds that are being gifted:
a. Signed gift letter
b. Proof of source of funds
c. Bank statements of gifter
4. They will probabally request a new set of bank statements about 1 week before closing.
5. There will be a set of forms needing to be signed: 1003(Mortgage Application),GFE, TIL
6. Signed sales contract
7. All information on your hazard insurance – get from your agent
8. If there is already a survey on the property, it will save you about $400.
9. You may to inquire if anyone else has already done an appraisal on the property if it was appraised by an FHA appraiser. The FHA will assign a number to the property and that specific appraisal. If one has already been completed and follows all rules of HVCC, you may get out of paying for an appraisal – because it was already done.
10. Are you self-employed – they will require additional paperwork relating to your company and length of time relating to.
11. Approx. 5 days before close, they will do a verbal verification of employment.
12. The title company will provide all title work to the closing dept so that a prelim HUD-1 can be issued, your loan officer may provide you with this 1 day before closing, it will also (should) tell you what you need to bring to closing in the form of a cashier’s check made out to the Title Co.
Underwriting can have some strange request, they are not picking on you, it just feels that way. I’ve had to ask for a letter of explanation of why a man got a raise – yeah, making more income.
Just go with it, it may seem strange but you will get your home.
What do underwriter look in personal bank statement for mortgage approval?
I am first time home buyer and all my documents (bank statements for both CD and checking accounts, W2s, pay stubs, etc) are in for underwriting to get mortgage approval. I have received the gift fund for downpayment so I submitted my gift letter as well. I am worry about how deeply underwriters will look into bank statements. I am recent grad but I can afford to pay mortgage with my current salary. The lender asked me for 60 days transaction history for both of my CD and checking accounts which I have provided to them. I was told that underwriters consider looking on my spending patterns in my statement. I am currently living with my parents so I didn’t have to pay any rents or utilities. All my pay checks were going toward my car payments, cell phone, credit card payments, and leisure uses. Does underwriters will disapprove my loan because I spent so much money on leisure purposes and paying massive payments for credit cards? I don’t keep big balance in my checking so I was worried.
They look at your bank accounts to verify that you have enough money and that you don’t have many late charges and no overdrafts. I just processed a file for a first time homebuyer and the underwriters have asked for the borrower to write out a letter of explanation on how she will be able to afford the large payments after living w/ her parents. “Payment Shock” was what they called it.
I have never heard of an underwriter looking at where you spend your money (ie- spending too much at Gap). As long as you have other assets you should be fine
Can I sue my mortgage company for this?
We’ve been making all payments, but we got a notice in the mail of “intent to foreclose” because they say they did not receive payment in May. We’ve printed off a copy of the check from our bank statement and have proof that it was cashed. It’s Guild Mortgage company in California, we are going to call them Monday about it and see whats going on, but I was wondering if it is possible to sue them for this. It’s really upset my mom to the point of crying and I am infuriated about it.
Making mom cry is not grounds for a lawsuit. If they have harmed your credit rating, that could be grounds. If they move forward with foreclosure, that is grounds.
How to pay a mortgage bill?
My dad left the house for me with i have money to pay the mortgage bill. Only problem is that i don’t have a checking account, nor able to get one and not able to pay with my walmart money card account by phone since i don’t know the last 4 of his social and unable to get a hold of him. What should I do? I get the mortgage statement in the mail and need to know how im able to pay it?
If the mortagage company has a local branch, such as BofA, Chase, or Wells, then just walk in their with your money and the mortgage account information you do have and pay them.
How do I know our mortgage company actually paid our real estate taxes to the taxing authority in 2008 or not?
How do I know that our mortgage company actually paid our real estate taxes to the taxing authority in 2008 or not?
We bought a new house last November and this is our first year of doing Tax Return dealing with “Property Taxes, Mortage Interest, Closing Costs and Points (loan origination fees).
We made our first payment in December 08 (for January 09 payment) and received two Form 1098 from two different company, a real-estate/home building company and a mortgage company. Box 1 and 2 of one form show $795 and $7080 and Box 1 of another form show $1007. I think that I should sum this amount (Total = $8882) and put this on Line 10 of 1040 Schedule A.
I have a question about Line 6 of 1040 Schedule A (Real Estate Taxes). The instruction states that “If your mortgage payments include your real estate taxes, you can deduct only the amount the mortgage company actually paid to the taxing authority in 2008.” In fact, our mortage payment includes the real estate taxes. How do I know that our mortgage company actually paid our real estate taxesto the taxing authority in 2008 or not? Is this amount supposed to be informed to us every year prior to Tax Return or should we somehow find out this amount (by contacting our mortgage company)?
My assumption is this: they haven’t paid our real estate taxes yet because they received our 1st payment last week of December 08.
But, while searching Internet, I read “Real estate taxes and points found on your settlement statement are usually deductible on Schedule A. Mortgage interest shown on the settlement statement is usually already included in the Form 1098 you receive from your mortgage lender.” I checked my settlement statement and saw this line: “County Taxes 11/7/08-1/1/09: $100.43” under “Amount Due from Borrower” and “Amount Due to Seller.” Does this mean my real-estate taxes for 2008 is $100.43?
My question may be confusing everyone?
Stick to my original question: How do I know that our mortgage company actually paid our real estate taxes to the taxing authority in 2008 or not?
My country clerk mailed me a postcard as a receipt that it was paid. I would call if you aren’t sure.
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