Nations Lending: A Primer on a Few Things Every Borrower Should Have
Nations Lending mortgage originators have had lots of experience with first time home buyers, and also with clients that continue coming back.
Our loan officers have found that one of the most important things when discussing the home financing process with potential borrowers is identifying upfront the documentation that will be required from them.
The most common documents borrowers may need to provide in order to obtain a home loan include W-2 forms from their employer for one or two years, pay stubs to cover a month of employment and at least the last two months bank statements. Nations Lending personnel also advise our borrower that any large or unusual deposits will need be sourced and verified.
Other important items include tax returns and self-employed borrowers, or borrowers who have a side business or own a rental property, will need at least two years of both personal and business tax returns. A passport or driver’s license will also need to be provided, as well as proof of legal U.S. residency if your borrower is not an American citizen. For military borrowers wishing to obtain financing from the VA, they will need their DD 214 form and Certificate or Release or Discharge from Active Duty.
Many of our first time homebuyers may also receive gift funds to help them purchase a home, which will need to be documented as a gift letter to include information about the donor’s relationship to the borrower, the amount of the gift, the date and the purpose. The donor may also need to prove that he or she can afford the gift through bank statements.
If our borrower is going to use alimony or child support as part of their funds to qualify for a home loan, they will need their divorce settlement, proof that their ex is paying regularly and verification that the payments will continue. For first time homebuyers, they will need to show proof they’ve paid rent on time as well.
Yes, that is a lot of information, but your Nations Lending originator is there to help!