The lender needs to appraise the home you’re
planning to buy before it can approve your loan. That’s because
your home serves as
collateral
for the loan.
You may have to provide:
A signed sales
contract which specifies the names of the buyers
and sellers, the amount of the down payment, the
price of the house, your proposed closing and occupancy
dates, and the official location of the property,
called the lot and block numbers
Architectural
plans and specifications if you are building the
home or if it’s currently under construction
Information on
the building’s finances, including its mortgage,
if the property is a co-op
Your financial situation
You’ll have to provide extensive information
about your income and your debts to demonstrate that you’ll
be able to make monthly mortgage payments.
You may have to provide:
Employment history for the past two years, including W-2 earnings statements, recent paycheck stubs, and federal income tax returns from the past two years
If you’re self-employed, you’ll need to show tax returns and financial statements for at least the past two years and a profit-and-loss statement for the current year
Bank account details, including the names and addresses of your banks and mutual funds, the names on the accounts, and the current balances
List of current debts, such as car loans and credit card balances
