PURCHASING A HOME CHECKLIST Download PDF



CONTRACT & DEPOSIT
  • Sales Contract: fully executed by all parties
  • Deposit: copy of cancelled check plus bank printout showing where check has cleared the account
    • Gift: if you are using a gift for deposit or closing costs, FMB will provide instructions for gift letter
PERSONAL INFORMATION
  • Residential Loan Application: completed and signed
  • Valid Government Issued Picture ID: for all borrowers
INCOME VERIFICATION
  • Salaried Borrowers
    • Pay Stubs: most recent, covering 60-day period
    • Personal Tax Returns including W-2’s: signed, covering most recent 2-year period
  • Self-employed Borrowers
    • Personal Tax Returns including Schedules, 1099’s, and W-2’s: signed covering most recent 2-year period
    • Business Tax Returns including Schedules and K1’s: signed covering most recent 2-year period
  • Other income
    • Real Estate: if using income from property recently sold, include closing statement and copies of bank statements showing where funds were deposited covering 90-day period
    • Rental: provide rental/lease agreement
    • Social Security: annual award letter required
    • Commission/Bonus/OT: 2-year period verification
    • Retirement: most recent statements, covering 60 days, reflecting income
ASSET VERIFICATION
  • Bank Statements: covering most recent 60-day period
  • Homeowners Insurance Quote: for home being purchased
  • Real Estate: tax and insurance statements for any other real estate owned
MISCELLANEOUS
  • If alimony or child support is paid by either borrower, include divorce decrees, child support and/or separate maintenance agreements
  • If alimony or child support is used as income, include divorce decrees, child support and/or separate maintenance agreements
  • Provide written explanations for any credit issues or inquiries appearing on credit report