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Let us find the correct finance option for you

Here at Gracepoint Homes, we know getting your new home financed is an important step in the new home experience. Being prepared will help make the process much easier. Here are some of the standard things your mortgage company will request:

Income/Employment
  • Most recent month’s pay stubs (You will probably be asked for the most recent again just before closing.)
  • Last two year’s W-2 income statements.
  • Last two year’s federal tax returns including all pages and schedules.
  • If retired or retiring, provide a benefit letter from employer or last two year's 1099 forms.
  • Veterans and active duty military provide Statement of Service letter and Off Base Authority Letter.
Assets
  • All pages of most recent two months statements for each account, including checking, savings, stocks, IRA, 401K, etc.
  • Information of any real estate owned that will be retained after closing. Include mortgage statement with principal and interest. If not included in monthly payment, disclose property taxes and insurance obligations.
  • If any of the funds needed to close are a gift, you will need a gift letter with the name of the donor and the donor’s account information. Save a copy of the gift check and the deposit slip for your account.
  • If equity of current home is used for funds to close, provide a copy of the HUD-1 settlement statement and deposit slip from proceeds. If the closings will happen simultaneously, get an estimated HUD-1 for approval and wire transfer sale proceeds to the new title company.
Credit
  • Copy of enlarged drivers license and social security cards.
  • For VA loan, provide Certificate of Eligibility or DD214
  • If applicable, copies of divorce decrees, bankruptcy discharge and a letter explaining circumstances.
  • For any recent credit inquiries, late payments, collections or other derogatory credit issues, provide a letter of explanation.
Property
  • Before closing, you will need to provide a copy of the homeowner’s insurance policy, including agent’s contact information.
  • If you are currently renting, we will need to contact your landlord. Provide name, phone number, address and amount of rental payments. If needed, as when your landlord is an individual, you can provide 12 months of canceled checks to verify rents.

We hope these tips help make your Gracepoint Homes buying experience less stressful and more informative.

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