Things you may need before financing your new Gallo Builder's Home

 

Income Verification:

• Names, addresses, dates of employment, and gross monthly income for all employment in the last two consecutive years.
• Pay stub(s) from the last 30 days of your current employment
• W-2s and Federal Income Tax Returns for the last two consecutive years
• If self-employed you will need the following:

• year-to-date profit and loss statement and balance sheet signed and prepared by you and an accountant
• signed personal and business tax returns (original, not photocopies) for the last two years

If you are attempting to be qualified for additional or unique borrowing from a lender you may need the following:

• Alimony.*- You will need to provide a complete copy of your divorce or legal separation documents which documents alimony to be received. You will also need to show proof of receipt, through a printout from the courts, or one year of cancelled checks or tax returns.
• Bonuses- This can be counted if the buyer has received a bonus for the past two years.
• Child support.*- You will need to show proof of receipt, through a printout from the courts or one year of cancelled checks. (Payments must have been received for at least one year on time and must be scheduled to continue at minimum another three years to count as qualifying income, depending on the product and program for which you are applying).
• Dividends- Brokerage statements for the past 2 years or last two year's income tax returns Schedule B-Interest and Dividend Income.
• Overtime- If the buyer's employer can guarantee that it will continue, overtime may be included as an income source.
• Pension income- You will need to provide a check stub and any forms showing the duration of payments.
• Rental property income- This information can be provided with income tax returns for the past two years verifying rental income. If possible, the applicant should provide leases.
• Social Security and disability payments- A copy of your award letter must be given along with a current check stub/copy of a bank statement (if deposited electronically through direct-deposit.)

*You do not have to give alimony, child support or separate maintenance income information unless you want it to be considered as a basis for repaying the obligation.

Asset Verification:

• If receiving a monetary gift from a relative the gift letter may need to be provided
• Bank statement/ passbooks for the past three months which include account names, addresses, account numbers and balances for the following:

• Checking and Savings accounts
• Credit Unions
• IRA, 401(k) accounts
• Mutual Fund Accounts
• Security accounts (bonds, life insurance, stocks)
• Title of any car you own if it is less than five years old

 

Debt Verification

• A complete copy of any divorce decree or separation agreement that can document alimony or child support.
• A copy of any bankruptcy proceedings which includes a Petition for Bankruptcy (debtor’s petition), Schedule of Bankruptcy (list of creditors) and Discharge of Bankruptcy. An explanation letter should also accompany the above documents.
• Car loan(s) documentation
• Credit Card(s) account information
• Explanation letters for any delinquent credits of record (late payments, liens, foreclosure)
• Explanation letter for any judgments with a copy of release/satisfaction.
• Include Documentation of current mortgage or home equity loan which includes last 12 months' cancelled mortgage checks, most recent statement and lender name address, account number and balance.
• Name and address of present landlord along with last 12 months' cancelled rent checks
• Outstanding Student Loan(s) information
• The most recent statement or payment booklets for present creditors, which should include name of creditor, addresses, account number and balance.

 

Property Verification

• A copy of listing sheet or property information sheet (if multiple listing). (May be obtained by the real estate agent).
• A fully executed copy of purchase agreement. If a new construction loan, you may need to provide copies of plans and specifications.
• A legal description of the property being purchased. (May be obtained by the real estate agent).
• If you are in the process of selling your home, you may need to provide the fully executed contract of sale along with copy of the HUD-1 closing statement on the home before you can close on the new home.
• Schedule of real estate owned including: name of lender, account number, original purchase price, principal balance, monthly payment, copies of rental agreement (leases only), type of property, etc., signed tax returns for the past two reporting years (Make sure signatures are original, not photocopies, and include all schedules).

 

Other Documentation

• A list of your addresses of residence for the past two years.
• Copy of recorded deed (refinance only)
• If required, a check for the application fee.
• If you are a resident alien, you will need to provide evidence of permanent residency issued by INS (a.k.a. green card)
• If you were a full-time student at any point in the past two years, a copy of your diploma or transcripts will need to be provided.
• Names, addresses and phone numbers of all parties involved in this transaction, including attorneys and/or closing agent and real estate agents.
• Relocation agreement (if you were transferred into the area).
• Social Security Number

 

Depending on what and with whom you are applying, additional information may need to be provided. Speak with a professional for more financing information.