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First time buyer information.

Typical documents needed to start the process.

1) Two years W2's.
2) Thirty days worth of pay statements.
3) Two months bank statements‐ all pages of the statement including reverse sides or blank pages.
4) Proof deposit checks have cleared your bank.
5) If using gift funds‐ In addition to the completed gift letter, we need a copy of the personal
check, proof of its deposit and proof the donor had the funds to give.
6) Copy of your driver's license.

Lending and underwriting has become increasingly difficult. When applying for a mortgage please remember the following to ensure as few problems as possible.

1) Avoid large transactions to and from you primary bank account being used for funds to close. All large (defined mostly by your monthly income) transactions will need to be verified and
documented.

2) There is a process for gift funds, which requires certain documents. DO NOT accept cash gifts as these are not eligible funds to close. The process requires a gift letter, personal check, deposit of gift check and proof the donor had the funds to give in the first place. These are both FHA and Conventional loan requirements.

3) All funds to close, including deposit and other checks given, must be verified (copies of cancelled checks) Use a personal account, not business. If other people are on the account, you will need a letter from that individual granting your use of those funds.

4) Do not apply for additional credit or increases to existing credit. Make all credit payments timely, as your credit will be "refreshed" prior to close per recent guideline changes. Any negative changes could cause your loan to be denied. You will need to explain all recent credit inquiries and if there is any new debt as a result.

5) Keep copies of all your documents.

6) Funds at closing will need to be either wired or certified check, depending on the title company requirements.

7) When in doubt, call me @ 248 765 9303.

 

What's Hot

 FHA

• Ross Mortgage is a Direct Endorsed Lender; files are in my control from Application to Closing!

• Fixed, 203k Rehabilitation, & Adjustable Loans Available

Rural Development-Zero Down & No PMI

• Program funded by the government to assist moderate to low-income families with financing.

• Income & Property Limits (Parts of Wayne, Oakland & Macomb counties are eligible too!)

Conventional

• Traditional type of financing; 5% down required.

• Fixed & Adjustable Available.

• Multiple mortgage insurance options.

 

 

 

 

 

 

 

 

 

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