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The lender you choose to work with for your purchase will likely ask for the documents below. As you collect these documents keep a file for yourself as from time to time there may be a need to cross-quality with the seller’s lender. Also your lender may not want to loan a particular property that you select, keeping a well organized file will make these scenarios easier for you and your buyers agent to manage.
In most situations, your lender will want to see the following documents needed for mortgage loans before qualifying you for a mortgage.
Mortgage brokers or banks will request copies of pay stubs from the three months prior to the loan application. If a prospective buyer owns his own business or works on a commission basis, the mortgage broker or bank may request additional documentation of income – up to a year’s worth of pay stubs or profit and loss statements.
Proof of Retirement Income
If the prospective buyer is retired, the ...
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Homeowners considering short selling their property should give careful consideration to doing so soon as Mortgage Forgiveness Debt Relief Act of 2007 expires at the end of 2012. Properties should be listed in time for closing before the end of 2012. A typical short sale takes 2-4 for months to negotiate.
While it’s conceivable the law could be extended there are no guarantees.
More Details on the Mortgage Forgiveness Debt Relief Act of 2007.
If you are underwater on your mortgage and considering a Short Sale, get it listed right away! Your final closing HUD must be dated no later than 12/31/2012 to qualify for your debt forgiveness. Consult your CPA or financial advisor and get your property listed and CLOSED in 2012.
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