Oh the joys of paperwork! When it comes to buying or a selling a home, paperwork one of those unavoidable tasks that plague both buyers and sellers. Today we are going to go through the list of those required documents that you may be asked for when buying or selling a home.
Keep in mind, these are just some of the most common docs requested. Different states may require additional state-specific certification letters in areas prone to disasters like hurricanes and the like. Additionally, VA loans require different sets of documents so while this list will prepare buyers/sellers for the most commonly requested docs, your individual situation may dictate the precise list. If you’re not sure, just talk to your real estate agent or lender about any unknowns.
W2s and 1099s Typically two years are required.
Recent paychecks Recent paycheck stubs show proof of employment.
Gift letter If you receive an inheritance or your family is gifting you money for a downpayment a gift letter made out to your mortgage company may be required. This letter simply states the money given to you was a gift, not a loan.
Proof of any debts Student loan statements, credit card statements, child support agreements and the like.
Bank statements Required per the USA Patriot Act
Records of additional assets Mutual fund statements or record of other property you may own.
Copy of your driver’s license This applies for both buyers and sellers.
Copy of pre-approval letter The pre-approval letter provides proof of one’s “buying power”.
Purchase & sale (P&S) agreement This is the big contract, make sure you have your legal advisor look it over before you sign and always keep a copy.
Amendments This is any changes that are made to the contract after signing. An example is if the seller agrees to do certain repairs. Make sure you have a written copy of all amendments.
Proof of insurance Some lenders require proof of home insurance, even possibly flood or hazard insurance from the buyer. Bring you policies with you!
Certification letters This includes clean inspection letters (example: termite letters).
Proof of payoffs If any outstanding debts tied to the home equity loan exist, the seller must take care of these and provide proof before the home can sell.
Lead paint letter If the home was built before 1978, it’s federal law that a lead paint disclosure be given to the buyer.
Condo association docs Basically this details the condo association agreement and any dues outstanding or proof that they were paid.
Property survey Even if the lender requires a new property survey be done it’s always handy to keep these documents close by.
Property tax receipts Sellers should keep copies of any property taxes paid, especially if paid in the weeks prior to selling the home.
Power of attorney For sellers who are not going to be physically present at close, a power of attorney is required for anyone negotiating on behalf of the seller.
Mortgage Loans Colorado Madison WI, Denver CO, St Louis MO | (970) 585-4546 | Armenia WI, Baraboo WI, Beaver Dam WI, Beloit WI, Brooklyn WI, Columbus WI, Deforest WI, Dell Prairie WI, Dodgeville WI, Edgerton WI, Fitchburg WI, Fort Atkinson WI, Germantown WI, Green Bay WI, Green Lake WI, Janesville WI, Lacrosse WI, La Valle WI, Lake Delton WI, Lake Mills WI, Lodi WI, Madison WI, Mauston WI, Mazomanie WI, Merrimac WI, Middleton WI, Milton WI, Milwaukee WI Monroe WI, Montello WI, Mount Horeb WI, Necedah WI, Oregon WI, Platteville WI, Portage WI, Prairie Du Chien WI, Princeton WI, Reedsburg WI, Ripon WI, Rome WI, Spring Green WI, Stoughton WI, Sun Prairie WI, Tomah WI, Verona WI, Watertown WI, Waunakee WI, Windsor WI
Questions about Lendem Financial mortgage loan options? Why you should think about using a mortgage broker vs a bank? Using a Mortgage Loan Officer that has access to all sources of lending institutiuons helps people get the best loan for their situation and offers all options on the market vs the programs at one bank. Call Todd Rubick of Lendem Financial and tell him why the bank said no... If your tax returns do not show your true income, or credit is less than perfect... Full service all source lending strategies will be offered for those that need them.