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Coastal Funding Corporation

Myrtle Beach (843) 215-6200 - - Charleston (843) 790-4411 - - Pensacola (850) 725-6200 Your Home Loan Specialists ... Give Us A Call Today For A Free Home Mortgage Quote...
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Required Mortgage Application Document List

The following items are traditionally used to support your application; however, you do not have to send in documentation to begin the process. Using our automated underwriting system, we are often able to proceed with streamlined documentation requirements once your application has been reviewed. Nevertheless, since automated underwriting cannot be used in all scenarios, we do recommend that you begin compiling these documents so that you are prepared if, and when, we ask for them.

  • W-2's for each applicant for the 2 previous years.
  • 30 days recent consecutive pay stubs. 5 stubs if paid weekly, 3 stubs if paid every 2 weeks or semi-monthly, 1 stub if paid monthly. If you do not save your pay stubs, begin saving them now.
  • 3 most recent statements of account for each bank account, savings account, money market account, cash management account, stock or mutual fund brokerage account, IRA, certificates of deposit, or employee retirement account currently used by each applicant. (Under Fannie Mae and Freddie Mac guidelines we only need to verify the amount of cash the applicant will be required to bring to closing plus 2 months' reserves. If you are applying for a Fannie Mae or Freddie Mac loan, you will only need to provide copies of those account statements that prove the necessary funds.) PLEASE PROVIDE ALL PAGES OF THE STATEMENTS.
  • Copy of divorce decree for each applicant that either pays or receives alimony and/or child support.
  • Record from child support office showing payments received for the prior 12 months. (You must provide this record only if you rely on the child support received to qualify for the requested loan).
  • Copy of sales contract or purchase agreement for property being purchased (inapplicable on refinances).
  • Copy of declarations page from the homeowner's/hazard insurance policy for the property (refinances only).
  • If you derive a portion of your income from social security benefits, please provide the most recent Social Security Award Letter indicating the amount of your current monthly payments from social security.
  • Copies of current lease agreements for each residential rental property that you own.

Additional Documents for Special Sources of Income

If you derive more than 25% of your employment income from bonuses or commissions, you must also provide:

  • Tax Returns (Form 1040) for the 2 previous years.

If you are a sole proprietor (report income on Schedule C of your Form 1040 tax return) or if you own 25% or greater interest in the business from which you derive your primary income, you must also provide:

  • Tax Returns (Form 1040) for the 2 previous years.
  • Year-to-date Profit & Loss Statements for that business.
  • Business Tax Returns (Form 1065 or 1120) for the 2 previous years, if the business is a corporation or partnership.
  • K-1's for that business, if it is a Subchapter S corporation or partnership.
WHERE TAX RETURNS ARE REQUIRED, PLEASE PROVIDE ALL SCHEDULES, FORMS AND ATTACHMENTS TO THE RETURNS.

If you are a first-time homebuyer or haven’t bought a home in a while, this guide will offer valuable information about buying a home.

Gather the information you will need to qualify for a home mortgage

 

Before you can buy a home, you will need to secure financing. Be ready to provide a mortgage lender with the following information:

Income and Employment

  • What is your current income?
  • Are you employed?
  • Do you have a history of steady employment?

Down Payment

Your lender will ask how much money you have available for a down payment. A down payment of 20 percent or more of the home purchase price demonstrates your commitment to long-term homeownership and provides you with immediate equity in a new home.

Credit History

Your lender will review your credit history — how well you’ve paid your bills in the past — by reviewing your credit report. The lender will consider how much you owe on credit cards, car payments, student loans and other debt. The lender will also review your ability to pay property taxes and other expenses of homeownership.

Escrow Accounts

Your lender may suggest that you set up an escrow account. With an escrow account, you pay a fixed amount each month in addition to your mortgage payment to an account maintained by the lender. The lender then draws on that account to pay property taxes and homeowners insurance as those bills become due. Escrow accounts ensure that money will be available for these payments.
Learn more about Escrows

Find a lender to get preapproved for a mortgage loan

 

Remember that you are investing not just in a home but also in the mortgage loan that will finance your home. Talk with several lenders and shop carefully for the best deal, including loan terms, interest rate and fees. You can use Fannie Mae’s Find a Lender tool to locate lenders who can answer your questions and work with you to qualify for a mortgage.

The lender you choose will review your financial information and explain the preapproval process. While preapproval is not a mortgage commitment or guarantee, it will provide guidance on what you can afford to spend on your new home. Having a preapproval letter to show to a seller demonstrates that you are a serious buyer. When you are ready to buy, it will shorten the time it takes your lender to complete the mortgage application process.

Make sure your lender explains all loan fees — the up-front costs of originating, processing and closing the loan.

Select your new home

 

With your mortgage preapproval in place, you are ready to begin your search. You can check online and your local newspaper for homes for sale in your area.  A real estate professional can help you find a home that meets your needs and your budget. A licensed agent has access to the Multiple Listings Service (MLS) which generally offers the most comprehensive list of homes for sale.