Homebuyer Packet

PACKET

NMLS 1169 | Equal Housing Lender | California licensed by the Department of Business Oversight, under the California Mortgage Lending Act

STEPS TO PRE-APPROVAL

01

APPLY ONLINE

02

GATHER DOCUMENTS

at www.pmrloans.com

. . . .

Most recent 30 day pay stubs Most recent 2 years of tax returns Most recent 2 years of W2s Most recent 2 months of bank statements

03

CONNECT WITH ME

04

HOME SEARCH

via phone or in person to review approved programs

Start the search to find your dream home!

DOCUMENTS NEEDED ALL BORROWERS: Copies of W-2s and 1099s for the past two years Copies of the the past consecutive pay stubs showing a full 30 days and year-to-date earnings Copies of checking and saving account statements for past two months (all pages, front and back) Copies of quarterly or semi-annual statements for checking, savings, IRAs, CDs, money market funds, stocks, 401k, profit sharing, etc.

Copy of sales contract when ratified Employment history for the previous two years (address any gaps of employment) Residency history during the past two years, with name, phone number, address and account number of land or mortgage company; for rental property, copies of leases Canceled earnest money check when it clears or corresponding bank statement, if applicable Commissioned income documentation if it’s 25% or more of your base income; must have tax returns Credit card information or check for the expense of appraisal and credit report If refinancing, current mortgage statement and current Homeowners Insurance Declaration Page Any assets used for down payment, closing costs and cash reserves must be documented by a paper trail Copy of driver’s license for applicant and co-applicant, front and back, fully legible Copies of your past two years’ tax returns

SELF-EMPLOYED BORROWERS: Copies of your past two years’ personal tax returns (W-2s, 1099s, and K-1s) Copy of current profit and loss statement and balance sheet Copy of corporate/partnership tax returns for last two years if owning 25% or more of company plus copies of W-2s and/or 1099 forms

MAY BE REQUIRED: Relocation agreement if move is financed by employer (i.e. buyout agreement plus documentation outlining company-paid closing costs benefits) If you’ve had a previous bankruptcy, bring copies of petition for bankruptcy and discharge, including supporting schedules Divorce decree (if applicable) Documentation supporting monies received from Social Security/retirement trust income, i.e. copies of direct deposit bank statements, awards letter or evidence income will continue

VA BORROWERS: VA: Original certificate of eligibility and copy of DD214 discharge paper VA: Nearest living relative and statement regarding child care expenses if applicable

MORTGAGE FINANCING Always check with your lender before doing any of the following prior to closing on your home:

Change jobs, become self-employed, or quit your job Buy a vehicle Use credit cards excessively or let current accounts fall behind Spend money you saved for your down payment, get gift money for closing, or take a retirement loan Omit debts or liabilities from your loan application Make any large purchases Originate any inquiries into your credit Make any large deposits into your bank account without alerting your Loan Officer Change bank accounts Co-sign a loan for anyone

HOW YOUR CREDIT SCORE IS CALCULATED

TYPES OF CREDIT IN USE INQUIRIES, NEW CREDIT LINES

10% 10% 15%

35%

PAYMENT HISTORY

CREDIT HISTORY

30%

AMOUNTS OWED

Always pay your bills on time. Set up automatic payments from your bank account or

program reminders into your phone if you have trouble keeping track of when each bill is due.

Keep your balances low on your credit cards and other revolving lines of credit. If your

balances are currently high, begin to pay them off (starting with the card or line of credit with the highest interest rate) until you’re debt free.

Be careful when opening new accounts. Opening several new accounts at a time may raise red flags and lower your credit score. Similarly, closing several accounts at once can lower your score.

NAME ADDRESS PHONE

BUYER QUESTIONNAIRE

EMAIL

DESIRED LOCATION What neighborhood? Look and feel of preferred area?

PRICING What is your price range? Or maximum price?

FINANCING If you need financing, are you pre-qualified? If so, what amount?

TIMEFRAME Do you need to sell a current home? Ideal move in time?

STYLE OF HOME What style of home would you prefer?

NUMBER OF BEDROOMS

NUMBER OF BATHROOMS

PREFERRED SQFT

PREFERRED LOT SIZE

IMPORTANT FEATURES Circle them below.

FORMAL DINING ROOM

OPEN CONCEPT MASTER BATH LAUNDRY ROOM

BASEMENT

ENERGY EFFICIENT

SHED

GARAGE SINGLE STORY

PORCH

FIREPLACE

DECK

OFFICE/STUDY

MULTIPLE STORIES

PORCH

HARDWOOD FLOORS

HANDICAP ACCESSIBLE

OTHER Are there any other special features/desires to consider when you’re buying a home?

NMLS 1169 | Equal Housing Lender | California licensed by the Department of Business Oversight, under the California Mortgage Lending Act