First Time Buyers Mortgage Document Preparation in Buckhead Atlanta GA

First Time Buyers Mortgage Document Preparation
in Buckhead Atlanta GA

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First Time Buyers Mortgage Document Preparation can be a very time consuming task.  The Mortgage qualification needed to achieve a loan is dependent on the Borrower providing a very complete set of records to the Lender.

How extensive is the First Time Buyers Mortgage Document Preparation task? Well, I would say more comprehensive than a person would imagine. Fortunately, I have several Mortgage sources who are clear about the documents that they want to receive.

Although I am not a Mortgage Lender, I do assist each of my Clients with their First Time Buyers Mortgage Document Preparation before they meet with the Lender.

 What are the documents we pull together? Here is the list from Julie Beaty at Fidelity Bank.

• Copy of Purchase Sales contract or Offer to Purchase and all addenda (signed by Buyer and Seller).
• Name, address and phone for past 2 years' residence(s) and landlord(s). Renters should bring evidence of 12 months' rent payments.
• Last 60 days of current and consecutive statements - for savings, checking, CD, money market accounts, etc. - EVERY PAGE - whether or not it has anything written on it. For example, if the pages are numbered 1 of 7, provide all seven pages. And one more detail - be prepared to document all non-payroll related deposits that appear on the statements.
• Recent statement on retirement accounts (IRA, 401K, 403-B, Annuity, etc.).

• Past 2 years' tax returns and W-2s.

• Past 2 years' employment history.

• Last 2 consecutive paycheck stubs (5 if paid weekly).

• NOT NEEDED - Monthly payments and balances on all open accounts - these items will auto-populate for Lender when pulling your Credit.

In addition, some folks have special circumstances that also must be documented during the First Time Buyers Mortgage Document Preparation. We always ask the Clients if they have exceptions to the requests above. Perhaps instead of working for the entire past two years, the Buyer was in school for some of the time. Then the Buyer must provide a letter of explanation - signed with a real personal signature (also called a "wet signature") - not signed electronically!

Other special circumstances might include:

• Divorce decree (if applicable) including ALL the pages
  

• Bankruptcy schedules/Discharge papers (if applicable)
  including ALL the pages yet again
  

First Time Buyers Mortgage Document Preparation includes citizenship information. US Citizens provide one type of documentation. If the Buyer is a Legal Permanent Resident, the Buyer must provide a copy of both the Front and the Back of the "green card" (which actually isn't green!). If the Buyer is neither a Citizen nor a Legal Permanent Resident, the Buyer may provide a copy of the H-1 or L-1 visa.

Please be sure to add other documents your Mortgage Lenders asked you to submit when you comment - always room for corrections with me - I love learning how to do things better!

While getting the Mortgage started, the Buyer must apply for a Homeowner's (sometimes called a "Hazard") Insurance Policy. The policy must go to the Mortgage Lender as soon it has been arranged. The cost of the Policy is paid at Closing or before, depending on the company.

Have a happy day -
Lynn

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