Impire Mortgage Services

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Buying Properties

Application Check List

Gathering required documents and information ahead of time can help shorten the application process. The items listed below are required for all types of mortgage applications.

  • Social Security number or proof of permanent residency.

It behooves us to make our renter  buyer and buys invest  themselves  to build their Impire.  With a brutally honest approach to the real estate market that benefits our clients to have a clear and concessive few of financial stability.  

Income Verification:

  • Pay stubs for the past two months.
  • W-2 forms for the past 2 years.
  • Bank statements for the past 2 – 3 months.
  • 1 – 2 years of federal tax returns.
  • If self employed:
    • Year-to-date profit and loss statement and balance sheet prepared and signed by an accountant and you.
    • Signed tax returns for the last two reporting years (business and personal). (Make sure signatures are original, not photocopies, and include all schedules)
  • Documentation to support other income that may be used in considering the loan:
    • Social Security and disability payments: A copy of the award letter must be provided along with a recent check stub or copy of a bank statement if deposited electronically through direct-deposit.
    • Pension income: A check stub and any forms showing duration of payments need to be provided.
    • Dividends: Brokerage statements for the last 2 years or last two year’s income tax returns Schedule B-Interest and Dividend Income.
    • Child support: Provide proof of receipt, through a printout from the courts or 12 months of cancelled checks. (Payments must have been received for at least 12 months on time and must be scheduled to continue at minimum another 36 months to count as qualifying income, depending on the product and program for which you are applying).
    • Alimony: Provide a complete copy of your divorce or legal separation documents which documents alimony to be received. Will also need to show proof of receipt, through a printout from the courts, 12 months of cancelled checks or tax returns.
    • Bonuses: Can be included only if the buyer has received bonuses for the past 2 years or more.
    • Overtime: If the buyer’s employer will guarantee continued overtime, overtime may be included as an income source.
    • Rental property income: verified in tax returns for the past two years. Lease agreements can also be used.

Asset Verification

  • Gift letter if receiving a monetary gift from a relative.
  • Bank statements for the last three months showing account number, bank address, account names, and balances for the following types of accounts:
    • Checking Account
    • Savings Account
    • Credit Unions
    • Mutual Funds
    • IRA/401(k) Accounts
    • Security Accounts (stock, bonds, life insurance)
  • Title of any owned car that is one to five years old.

Debt Verification

  • Need to show the most recent statements which contain balances, creditor name and address, and well as account number.
  • Car Loans
  • Credit Cards
  • Outstanding Student Loans
  • Documentation of current mortgage or home equity loan.
  • If renting, include the last 12 months of cancelled rent checks as well as the landlord’s address.
  • Explanation letter for any judgments along with a copy of release/satisfaction.
  • Explanation letters for delinquent credit records such as late payments ,

Property Verification

  • Copy of complete purchase agreement.
  • Legal description of property being purchased. A real estate agent assist in obtaining this document.
  • Copy of listing sheet or property information sheet. A real estate agent can provide this information.
  • If selling a home, provide a copy of the contract of sale with the HUD-1 closing statement prior to the closing of the new home.
  • Schedule of real estate owned.

     Other Documentation

  • List of residence addresses for the past two years.
  • Copy of diploma/transcripts if buyer is a recent college graduate.
  • Social Security Number
  • Relocation agreement, if transferred into the area.
  • Check for application fee.
  • Green Card, if resident alien.
  • Names, addresses, and phone numbers of all involved in the purchase.
  • If refinancing, copy of recorded deed.

Three Reasons to Buy a Home Now

Stocks are up 50 percent from the March 2009 bottom. Some commodities have risen dramatically. The only asset class left in the cellar is real estate, says Michael Murphy, editor of the New World Investor stock newsletter.

As a result, Murphy is advising investors to buy now for these three reasons:

Desperate sellers

Both home owners and lenders are eager to unload a flood of foreclosed and underwater properties. Buyers with the patience to push through these complex deals can save a bundle.

Little competition

Because most people don’t have what it takes to negotiate their way through short sales and REOs, patient investors are winners.

Low rates

Mortgage rates are at their lowest level in 40 years. If you believe inflation is inevitable, lock in now.