1. Get a pre-approval decision you can trust-we provide a reliable mortgage pre-approval that outlines loan conditions as well as the necessary steps to a smooth closing.
2. Sign and date all forms-including tax returns filed by an accountant or online, and bank statements (all pages dated/stamped if provided by bank; online statements must come from a secure site and show the URL, customer name, account number and bank name). Self-employed buyers must complete IRS form 4506.
3. Payment of seller concessions-any seller concessions paid to the buyer must be toward closing costs, pre-paids, discount points or paid directly to a third party vendor. Personal property, money for repairs, etc. cannot be included.
4. Turn in the contract early-all parties must sign and date the contract; also, all parties must initial and date all changes IN ADVANCE-not at closing.
5. Buyers must be able to document two-year history of earnings-or related eduction leading to employment. Income documentation requested will vary based on actual source of income (employment, child support, alimony, Social Security, etc.).
6. VA requires a Certificate of Eligibility (COE)-the form to request a COE is easily obtained online; however, to avoid delays, work with your mortgage representative to obtain your COE.
7. Provided an adequate paper trail for gifts-a gift letter must be signed and dated by all parties and include documentation of the transfer of funds. Cash deposits may require futher documentation. Donors may be asked for bank statements to prove their ability to gifts the funds.
8. Title check must show the seller's compliance with FHA requirements-the seller must have acquired the property at least 90 days before execution of the sales contract; certain exceptions may apply.
9. Make all repairs recommended by inspectors-make sure your sellers complete the recommended repairs before closing. Contact your mortgage representative for details as the required inspections vary by state.
10. Be prepared to provide all documentation-to ensure a smoother transaction, advise your buyers to respond promptly to all requests; the amount of documentation required will vary according to each buyer's financial profile.
We have a dedicated team of experienced professionals who work exclusively on government loans to ensure smoother, easier closings for you, our customers.
Please give me a call for all your real estate needs and about the financing of your new home.