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| Mortgage Application
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Phase 2 - Mortgage application
Steps to Follow:
1. Contact a mortgage company.
2. Complete the mortgage application process.
Checklist of what you will need to apply for your loan
To make this process as smooth as possible, you can use the following checklist to gather all the materials needed before meeting with the lender. This way, you will be fully prepared for all the lender’s questions.
Personal
Photo identification.
The names and addresses of your landlords for the past two years.
Your personal check to pay the cost of your credit report.
Financial
Copies of your last three years Federal Income Tax return.
A list of all your assets, including bank accounts (checking, savings, CD’s, IRA’s, etc.), with three months bank statements for each of these accounts.
If you are self-employed, a current profit and loss statement and a current balance sheet, three years business Federal Income Tax returns, and evidence of payment of quarterly taxes.
A copy of the award letter, claim number or account number for transfer payments received - this includes payments you might have received from a pension fund, disability insurer, etc. The address of the source of the payment is also needed.
Employment
The name and address of your current employer(s) and other employers for the past two years.
A copy of your last payroll check stub from your current employer(s).
Debts
A list of all amounts you owe, including charge and credit card account balances, and child care expenses. Be sure to include account numbers for such accounts.
Information about any and all loans, including any loans that another person has co-signed with you.
Other
A copy of any of the following items that apply to you: divorce decree, property settlement, verification of child support or bankruptcy papers.
If your application is for a Veterans Administration (VA) loan, a Copy of your DD-214 and VA certification. Also, the name, address and relationship of your nearest living relative.
A credit report fee, approximately $65, is normally charged by the mortgage company.
3. Mortgage company submits a complete packet and approval information to NDD for final review.
4. Prepare for Homeownership. Take a Homebuyer class and plan by anticipating other out of pocket expenses.
Before you receive assistance from the HOME Program, a class on homeownership is required. The homebuyer/homeownership class is intended to assist you with helpful information. It includes information on finding a mortgage, closing on a house and preventative maintenance issues once you are in the home.
Closing can be expensive; your mortgage company can estimate your closing costs. Additionally, you may need to contact your local utility companies to determine the amount of security deposit required for gas, telephone, etc. Extra expenses to anticipate after a move-in include: lawn care items, draperies, throw rugs, additional furniture and/or bedding items.
Finally, closings are often delayed for one reason or another, DO NOT plan to move out of your current house or apartment on the day of closing. We recommend giving yourself at least 30 extra days.
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Return to HOME Process
Return to Down Payment Assistance Programs
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