Purchase Documents Checklist

- 3 to 6 weeks
Home Loan Closing costs.
- Closing costs range between 3% and 6% of the purchase price
Documents needed:
- Purchase Agreement Earnest Money Deposit Receipt
- W-2 for the previous 2 years
- Paystubs covering 30 days period
- 2 most recent bank statements on all depository accounts
- Homeowners' insurance information (agent's name and phone number or Insurance Declarations page)
- Personal tax returns for the previous 2 years
- Landlord information of all residences within the past 2 years

+ Self-Employed Borrowers only:
- Business tax returns for the previous 2 years
- Business Licenses covering a 2-year period
- Year-to-date profit and loss statement (P&L)

+ If Applicable:
- Final divorce decree
- Proof of child support receipt and continuance
- Full bankruptcy filing
- Bankruptcy discharge
- Copy of a Green Card
- Copy of SSN card
- Disability Award Letter
- SSI Award Letters
- Pension Award and Continuance Letters

Foreign National Borrowers

Loan Approval Time frame
- 3 to 6 weeks 

Down Payment and Term 
- 25% to 35%**
- 30 yrs Fixed 
- ARM 3, 5 and 7/1 

Home Loan Closing Costs 
- Closing costs range between 6% to 7% of the purchase price
- Rates from 5.50% to 9.75%*
Documentos needed for a purchase loan pre-approval:
- Bank reference letter 
- CPA (Accountant) income letter 
- CPA (Accountant) primary home expenses letter 
- Proof of address (Utility bill)
- Passport 
- VISA (If applicable)
- 2 most recent bank statements from accounts where funds are available to complete the purchase
- Personal tax returns for the previous 2 years (Case by Case)

+ If closing in corporation name (LLC) :

- Articles of incorporation 
- Operating agreement 
- EIN Letter
- Certificate of Good Standing

Note:
- All documents must be provided in PDF format, foto of documents won't be acceptable by the bank.
- All documents must be in the home country's official spoken language, docs will be translated to English after brokers' review.
- *Rate will vary based on the loan program, lender choice, and borrower's reserves and personal guaranty.
- **Down payment is based on the loan program, lender choice, and borrower's reserves and personal guaranty.