If you are thinking of buying a Dutchess County home and you don't have cash you will need financing which will mean filling out a credit application.
These days every little detail is scrutinized by the financing company, so to make the process less stressful be sure to have the following items.
*****Keep in mind you might not need all of these items, it depends on the type of loan and institution, this post is giving you an idea of what to expect.
- Two years of your tax returns (1040 form)
- If you are self employed Profit and Loss Statement
- W-2's
- Pay stubs year to date
- Gross monthly income
- 2 full yeasr of employment information including address and telephone number of employers
- Names of creditors, address, telephone number, the amount owed, account number and monthly payment
- Child support if applicable
- Bank accounts, types, account number and balances
- Information on any bankruptcy or involvement in a distress home sale.
- List of assets, such as stock, bonds etc.
- Life insurance information if the cash value will be used as down payment
- If you are selling a home to make a purchase you will need to show a copy of sales contract
This list should get you started. It is also important to take a look at your credit report and address any items that could be an issue. For example paid off student loan still on the report or a closed child support item still showing up.
Keep in mind these days the process can be a bit more intense so be willing to provide what ever documentation is requested. Sometimes you will even get request for paperwork you have already submited. Stay focused on the fact that soon you will have you Dutchess County home.
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