What To Bring to A Mortgage Application
- Photo ID and Social Security card
- Provide a detailed work history for 24 months preceding mortgage application including start and end dates as well as any gaps in employment.
- One month consecutive pay stubs (most recent)
- Two years W-2’s and/or 1099’s (most recent)
- Most recent two years Federal tax returns with all schedules if self-employed or more than 25% income from bonus or overtime (a year to date profit & loss statement may be required if self-employed)
- Most recent two years Federal tax returns with all schedules if owned rental property(s) and lease/rental agreements
- Divorce/separation/child support papers and proof of receipt of child support for 12 months, if disclosing as monthly income
- Two months most recent bank statements or most recent quarterly statement including checking, savings, investment, brokerage and retirement accounts (provide all pages, even if some pages seem irrelevant)
- List of all creditors including name, account number, current balance and payment
- Bankruptcy papers including petition, list of debtors and discharge of debtors
- Copy of the executed purchase contract including all addenda
- Plans and specifications for new construction if applicable
- Estimates for any construction costs not included in purchase contract
- Copies of deed, real estate tax receipts and survey map if available
- Landlord’s name(s) and telephone number(s) (covering 2 year history)
- Attorney information and real estate agent information including names, telephone numbers and fax numbers
- Copy of sales contract and listing agreement for sale of current residence or copy of HUD-1 if sale of property has already closed
- VA Certificate of Eligibility
- A check a for credit report and appraisal fee
The answer is, not at all! The Federal Housing Administration was formed in 1934 to provide financing for low- and moderate-income buyers, and there is no requirement that they are first-time buyers. There is also no maximum income for buyers. FHA has become a useful choice for many buyers whose credit situation might make conventional financing more difficult and more expensive.
FHA loans require a minimum down payment and mortgage insurance for the life of the loan. Although it is not a first-time buyer program, it is very popular with these buyers, partly because many communities offer down payment and closing cost assistance for qualified first-timers whose income falls beneath certain limits. FHA is also an excellent choice for those buyers whose credit scores are at the lower end of the scale. While conventional loans require a minimum FICO score of 620, FHA generally accepts much lower scores.
FHA does have a potential disadvantage, and that is the way mortgage insurance (MI) is handled. Lenders require mortgage insurance to limit their risk any time the loan is for more than 80% of the property's value. With a conventional loan, a borrower can ask the lender to remove the MI once they can demonstrate that the loan is less than 80% of the property's value. With FHA, the mortgage insurance will be in place for the life of the loan. Borrowers pay MI in two ways: an up-front premium that's added to the loan and a monthly premium that is also added to the payment.
If you would like more information about FHA loans or you know someone who is shopping for a home loan, contact your Loan Originator today.
Homestead Funding would like to welcome Melissa Cappelli to our Albany, NY sales team. Melissa joined the processing /underwriting department at Homestead Funding in 2015. She learned various aspects of the residential mortgage industry while working closely with top producers, who emphasized the importance of customer service, managing client expectations and effective communication. Melissa says, “being able to work on a large quantity of files helped me to think outside the box and come up with creative strategies to make the mortgage process as simple, well communicated and stress free as possible for my clients.” Melissa is excited about this new journey in her Homestead career as it allows her to work with creative, fun, and a dedicated group of professionals who promote a positive and caring atmosphere.
Melissa’s a Syracuse native who grew up playing sports and watching Syracuse University. Melissa graduated from SUNY Oswego with a BA in Psychology. She moved to the Albany area in 2008 and purchased her first home in Schenectady in 2012.
Melissa recently became a member of the American Diabetes Association Tour de Cure Planning Committee and at Christmas time she sponsors a child with the Chamber Angels of Southern Saratoga County. Melissa enjoys spending time with her family, hiking, volunteering and cheering on SU…GO ORANGE!
To Learn more about Melissa visit her webpage.
Good luck in your new position, Melissa!
Homestead Funding would like to welcome Courtney Delaney to our Clifton Park, NY sales team. Courtney has been in the mortgage business for over nine years. She was raised and attended school in Saratoga Springs and continues to live in the area.
Courtney brings with her the knowledge she obtained as a processor; pay attention to detail and set proper expectations for her clients. She always goes above and beyond for her borrowers as she understands this is probably the largest purchase and biggest decision they will make. There is no question Courtney won’t answer and she does her best to insure a clean, smooth and quick mortgage process from application to closing.
Courtney spends her personal time with her amazing family and volunteers with Junior Achievement at local elementary schools. Junior Achievement fosters work-readiness, entrepreneurship and financial literacy skills. She also loves camping, outdoor activities and of course her four rescue animals.
Courtney says she is so happy to be a part of the Homestead Funding family -- a powerhouse in the residential mortgage industry. “Local processing allows for a smooth experience and we all share our knowledge and experience which ultimately benefits the clients.”
To Learn more about Courtney visit her webpage.
Homestead Funding would like to welcome Mark Lenkiewicz to our Brewerton, NY sales team! Mark has been in the mortgage industry for five years. Born, raised and currently living in the Syracuse area, Mark attended SUNY Oswego and graduated with a degree in business administration with a concentration in marketing and minors in philosophy and economics.
Mark volunteered in high school, college and continues to serve at rescue missions, food drives, SPCA and organizations to service the less fortunate. He enjoys skiing, power-lifting at the gym, watching NFL football, golfing, reading and keeping an eye on the stock market!
Marks says he is happy to be a part of the Homestead team because of the great support system and the wide variety of products they offer to meet his client’s needs.
Contact Mark with any mortgage questions. He is ready and looking forward to meeting you and getting you on your way to home ownership.
To learn more about Mark visit his webpage.