Today is August 16th. If you are in the market to buy a home, you have approximately 45 days to find a home and get it under contract if you want to ensure you can take advantage of the first time home buyer tax credit.
Why 45 days? Because in forty five days, it will be around October 1st which is the latest you can get a home under contract to purchase and still reasonably close on the transaction by the November 30th. Remember, it takes about 45 to 60 days to get to the closing table from the time the seller accepts your offer. Thefore, if you expect to finalize your transaction by the November 30th deadline, you need to have found a property and come to terms with a seller by October 1st.
So get out there and find a home; $8000 is a lot of money to pass up. Time waits for no one…
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This Saturday, June 6th I will be hosting comprehensive home buyer seminar at Perl Mortgage’s main office located at 2936 West Belmont at 10am. The seminar will provide all the inside information serious buyers need to know about purchasing a home in this crazy market.
We will discuss everything from getting qualified for a mortgage to the details of the new $8000 tax credit for first time home buyers. No question about buying a home will go unanswered!
RSVP is Required. Please contact me directly at 312-651-5355 or email@example.com.
The seminar is free too!
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Many people have a phobia about the documentation needed to get approved for a mortgage. There really shouldn’t be any fear and the paperwork required really isn’t all that bad. When you apply for a mortgage, you should have the following documentation readily available as it will make the underwriting process smoother and faster. You will need to provide your lender with copies of the following documents:
Driver’s Licenses: This is to verify that you are who you say you are…
Proof of Citizenship: Yes, you have to be in the country legally to get a mortgage. If you are a permanent resident, we need your green card. If you are a non-permanent resident, we need the visa to show that you can legally work and live in the US.
Past two years w-2 statements: This corroborates income and work experience.
Most recent 30 day’s paystubs: Your paystubs should so year-to-date earnings and match your income claimed on the loan application. If you are self-employed or commissioned, in lieu of paystubs we will need your most recent two years of tax returns.
Most recent three months statements for savings and investment accounts: Funds available for down payment, closing costs, and reserves need to be verified. The banks will want to see all of your available liquid assets. Any large deposits on the accounts may also need to be explained. If you don’t get paper statements mailed to you, the online printouts are fine as long as your name and bank are clearly legible on the printout.
There may be other documents needed in certain circumstances, but the above is a good start.
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