If you have decided to look for a home in the Florida Keys, now would be a good time to gather your financial information or at least mentally prepare what you will need. When you find that FL Keys home, more than likely one of the contingencies in the contract will be a financing contingency. This contingency will have a time limit on it – usually 30 days to get loan approval. The best way to make this process go quickly and efficiently is to be prepared. The lender will want to know everything about your finances. Listen to what Barbara Neal has to say…
Here is a list that will get you started in the right direction. There will be other items that they need.
THE RULE OF 2′S
2 years history of employment
2 years 1099
2 W2′s
2 years history of residence
2 months bank statements
2 years tax returns
If you own another property – you will need to provide – mortgage statement, tax bill, insurance declaration pages with premiums
Trust account information
Divorce Agreements
Once the information is received, it will be sent to an underwriter to review. They will ask for something else, so prepare yourself. Whatever they ask for, make sure you get the information to them in a timely manner. Remember, that the clock is ticking on your financing contingency.
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