Application Checklist

Application Checklist

Here is a list of essential documents needed for your mortgage application. Keep in mind that individual situations may vary, and you might need to furnish additional documentation. If requested, cooperate promptly and provide the required information as it will expedite the application process.

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Your Property

  • A signed sales contract copy with all riders attached.
  • Confirmation of the deposit made for the home.
  • Details, including names, addresses, and phone numbers, of all involved parties such as realtors, builders, insurance agents, and attorneys.
  • If available, provide a copy of the Listing Sheet and legal description. For condominiums, include the condominium declaration, by-laws, and the most recent budget.

Click & Learn

First-Time Homebuyer
Interest Rates
Hard To Qualify For
Buying A Modest Home
Super High Loan Minimum

First-Time Homebuyer

Risk Factor

You cannot get a jumbo loan as a first-time homebuyer.

Solution

But this is not the case. Even if you are buying your first home, you can apply for a jumbo loan. And you may be successful depending on your credentials.

Interest Rates

Risk Factor

You will pay a higher interest rate on a jumbo loan.

Solution

DSCR loan interest rates are comparable to conforming loans.

Hard To Qualify For

Risk Factor

Jumbo loans are hard to qualify for.

Solution

Jumbo loans are a bit more difficult to qualify for but not by very much as a credit score of 720 is fairly easy to achieve.

Buying A Modest Home

Risk Factor

You do not need a jumbo loan if you are not buying a mansion.

Solution

It is not uncommon for regular homes to require more financing to buy than you can obtain through the use of a conforming mortgage.

Super High Loan Minimum

Risk Factor

Jumbo loans require a super high loan minimum.

Solution

Jumbo loans don’t start at $1 million dollars. Instead, the minimum amount for a jumbo loan is anything above the conforming loan limit of $647,200.

Your Income

  • Provide copies of your pay stubs covering the most recent 30-day period and year-to-date.
  • Include copies of your W-2 forms for the last two years.
  • List names and addresses of all employers over the past two years.
  • Submit a letter clarifying any employment gaps within the last two years.
  • Include a copy, front and back, of your work visa or green card.

If self-employed or receive commission or bonus, interest/dividends, or rental income

  • Submit complete tax returns for the last two years along with year-to-date Profit and Loss statements. Ensure the tax return includes all attached schedules and statements. If you've filed an extension, include a copy of the extension.

  • Include K-1 forms for all partnerships and S-Corporations from the last two years. Verify that your return includes these forms, as they are often not attached to the 1040.

  • If your ownership position is 25% or greater, provide completed and signed Federal Partnership (1065) and/or Corporate Income Tax Returns (1120) for the last two years. Include all schedules, statements, and addenda.

  • If using Alimony or Child Support to qualify, furnish the divorce decree or court order stating the amount, along with proof of funds received for the last year.

  • For those receiving Social Security income, Disability, or VA benefits, submit the award letter from the respective agency or organization.

Source of Funds and Down Payment

  • For the sale of your current home, submit a copy of the signed sales contract. If unsold, provide a statement or listing agreement. At closing, ensure you provide a settlement/closing statement.

  • For savings, checking, or money market funds, supply copies of bank statements covering the last 3 months.

  • If you have stocks and bonds, furnish copies of your broker statement or certificates.

  • If gifts contribute to your cash to close, include a Gift Affidavit and proof of funds receipt.

  • Depending on information in your application or credit report, additional documentation may be required.

Debt or Obligations

  • Compile a roster detailing names, addresses, account numbers, balances, and monthly payments for all current debts, accompanied by copies of the most recent three monthly statements.

  • Provide information on names, addresses, account numbers, balances, and monthly payments for mortgage holders and/or landlords for the last two years.

  • If paying alimony or child support, include the marital settlement or court order specifying the terms of the obligation.

  • Ensure you have a check available to cover any Application Fee(s).

Guidant Mortgage Group

We bring a customized, unique approach to mortgages. Our lending solutions use the perfect hybrid of human-driven insights and technical prowess to process loans faster and significantly reduce costs.

PHONE

(864) 275-0941

E-MAIL

boyette.belton@guidantmortgagegroup.com

ADDRESS

Simpsonville, SC 29681

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Disclosure:
The content provided within this website is presented for information purposes only. This is not a commitment to lend or extend credit. Information and/or dates are subject to change without notice. All loans are subject to credit approval. Other restrictions may apply. Mortgage loans may be arranged through third party providers.
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