Financing Requirements

When buying a home you need to prove your financial stability and be pre-approved with a mortgage company.  Determining your financial stability can also help you determine what kind of loan or mortgage is right for you. It is important to know how much a first time home buyer can afford.

We've included below examples of what types of information the first time home buyer (and experienced property buyers) will need to disclose to a mortgage company or bank.

Disclosure:

  • 4506T
  • Copy of Drivers license (Legible copy front and back)
  • Consent for Credit Form
  • 921 Condo form filled out by the management company (Only if you are refinancing a condo)
  • Credit Report inquiries explanation letter Income:

Income:

  • 2 years Tax return: (all pages and all schedules with signature pages signed and dated ) * (If you are self employed we will need k-1s and if you own more that 25% of the company we will need full business tax returns)
  • 2 years of W2
  • 2 Most recent pay stubs

Assets:

  • Complete & most recent assets and bank statements.
  • If your statement have 10 pages, we MUST receive all 10 pages;
  • All large deposits must be sourced … this means that if you send a statement and it has large deposits and/or withdraw coming in and out of your account, we must explain each of them. For deposits, we must show the account where the funds came from. For withdraws, we must show a copy of the check or wire info to explain where the funds went. (Please note that this is a government requirement to protect against Money Laundering)

Property Info:

  • 12 Months Canceled Rent Checks (Only if you are a first time buyer)
  • Purchase and Sales Agreement (Fully Signed)
  • Copy of Deposit Check & Bank statement showing the money withdrawn from the account
  • Estimated Taxes on Property
  • Estimated insurance or Condo Fee on property
  • Property management company contact info (Only if you are refinancing a condo)
  • Any lease agreement from any investment properties that you own.

Mortgage Loan Programs

  • 30 Year Fixed
  • 15 Year Fixed
  • 3/1, 5/1, 7/1, 10/1 ARM
  • As low as 3.5 % down payment programs available through FHA

Do you have questions?

For more information, email darcy@bentorealestate.com or call (617) 901-9671

To search for homes visit: Property Search