Wednesday, August 13, 2014

Loan Application Process – Part 1

Our SR helped us set up our appointment with NVR after signing the paperwork for our house.  We met with our loan representative on April 29th.  She notified us ahead of time of what documents were needed for the meeting (although we only got a 24 hour notice of the documents needed, it would have been nice to have a little more time to pull it all together and have it organized).  I hope this list may help someone else who is in the beginning stages with the NVR loan process!

Here’s what we had to bring:
  1. Most recent pay stubs covering a 30 day period
  2. 2012 and 2013 W-2s and 1099 if applicable
  3. 2011 and 2012 tax returns signed and dated.  If we had 2013, then we could use that instead of 2011.
  4. Most recent 2 months bank statements (all pages with name and account numbers on the statement) for any checking, savings, money market accounts or CD’s.
  5. If you hold a joint bank account with anyone who is not on the mortgage loan, please provide a letter signed and dated by the account holder stating that you have access to the funds in the account.
  6. Most recent retirement account statements (all pages with name and account numbers on the statement) for any 401k, thrift savings, IRA, stocks, bonds, mutual funds, etc.
  7. Most recent mortgage statement.  If taxes and insurance are not escrowed, please also provide a copy of your most recent tax bill and homeowner’s declaration page showing premium amount.
  8. If you are not selling your current home, please provide a signed and dated letter of intent stating what you plan to do with it (rent it, etc).
    • Sidenote – we had to do this because we were approved to keep our current home and purchase the new home.  We placed a non-contingent offer in the hopes that with our house going on the market on April, we would be able to sell it by October.
  9. Name and phone number for Human Resources Department to verify employment.
  10. Check for $450 for credit report and appraisal fees made payable to NVR Mortgage.  Please do not date the check prior to the loan application date.
  11. Copies of driver’s license and Social Security Card.
  12. Letter of explanation for any derogatory credit accounts, even if they are closed or have a zero balance. 
  13. Separation agreement of divorce decree, if applicable.

More to come in Part 2!

Did you have to bring everything listed above?  Did I miss anything?

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