Master Mind Mondays-How To Make Your Dream of Homeownership a Reality

Debloke Finans

What Documents Are Needed When Applying for a Mortgage?
Buying a home is one of the most exciting things you will do in your lifetime; however, you will need to get your financial house in order before packing to move into your new one. And the best way to do that is to learn some home-buying basics and about the mortgage process, as well as the documents you will need to have in order if you want your loan to be approved.

So let's go over the documents and some of the other things you will need to get mortgage approval. Below we are going to cover the most common loan options available, as well as a few other helpful programs that might be beneficial to you.

What you will need for a Conventional Mortgage
A conventional mortgage is one that is not guaranteed or insured by a goverment agency such as in the case with Federal Housing Administration (FHA) or a Department of Veterans Affairs (VA) loan. And a conventional mortgage usually has a fixed rate and term.

Here is what you will need when you apply for a conventional mortgage.

Lending Requirements for a Conventional Mortgage

A FISCI score at least 620

A 5%-20% down payment ( in most cases). You will need to put at least 20% if you want to avoid paying PMI (Private Mortgage Insurance)
You need to have an acceptable debt-to-income ration.
Have a loan amount that is higher than that FHA loan limit.

Documents Needed to Appy for a Conventional Mortgage

• Current and previous W-2s for each applicant.
• Pay stubs for each applicant.
• Bank statements for each applicant if you don’t have a joint account.
• A gift letter if you were gifted your down payment.
• A list of all your current debts and assets.
• If you rent, you will need proof that you paid your rent on time.
• Credit reports for each applicant.
• Your profit and loss statements if you are self-employed.
• Proof of any additional income you might have.
• A copy of the sales contract signed by all parties.
• A copy of your divorce decree if applicable.
• A copy of your bankruptcy paperwork if applicable.

Ki dokiman ki nesesè lè w ap aplike pou yon ipotèk?

Achte yon kay se youn nan bagay ki pi enteresan ou pral fè nan lavi ou; sepandan, w ap bezwen jwenn kay finansye ou an nan lòd anvan anbalaj yo deplase nan nouvo ou a. Ak pi bon fason pou w fè sa se aprann kèk bagay de baz pou achte kay ak sou pwosesis ipotèk, ansanm ak dokiman w ap bezwen genyen yo si w vle prè w la apwouve.

Se konsa, an n ale sou dokiman yo ak kèk lòt bagay w ap bezwen pou ipotèk apwobasyon. Anba a nou pral kouvri opsyon prè ki pi komen ki disponib, ansanm ak kèk lòt pwogram itil ki ta ka benefisye ou.

Sa w ap bezwen pou yon ipotèk classiques
Yon ipotèk konvansyonèl se yon ipotèk ki pa garanti oswa asire pa yon ajans gouvènman tankou nan ka a ak Federal Housing Administration (FHA) oswa yon prè Depatman Veteran Affairs (VA). Ak yon ipotèk konvansyonèl anjeneral gen yon to fiks ak tèm.

Men sa w ap bezwen lè w ap aplike pou yon ipotèk konvansyonèl.

Kondisyon pou prete pou yon ipotèk konvansyonèl
Yon nòt FISCI omwen 620

Yon peman 5% -20% (nan pifò ka yo). W ap bezwen mete omwen 20% si w vle evite peye PMI (Private Mortgage Insurance)

Ou bezwen gen yon rasyon akseptab dèt-a-revni.

Gen yon montan prè ki pi wo pase limit prè FHA sa a.

Dokiman ki nesesè pou aplike pou yon ipotèk konvansyonè
Ranpli deklarasyon taks pou de dèn