Buyer Resources



Get to Know the Community You Are Searching


  • SEMCOG – Search community profiles of Southeast Michigan and learn about local governments and their current efforts in managing the local economy, jobs, transportation, housing, and environment.
  • MI School Data – Search Michigan school profiles that cover every from staffing to graduation rates and test scores.
  • Bus Schedules & Maps
  • US Census: Michigan Quick Facts – Search through information on Michigan communities of 5,000+ residents.

Financing Your New Home


  • What Not to Do When Buying A New Home – Helpful tips on what you should not do when preparing to purchase a new home with a mortgage.
  • Home Buyer Step-By-Step – Loan checklist, different types of loan offerings, and home buying mortgage timeline.
  • Home Buyer Presentation – Home buying information provided by Huron Valley Financial.
  • Get Pre-Approved – This is the first, and often the most important step, in the home buying process. If you plan on obtaining a loan to finance your next home purchase, then this is a must. By getting pre-approved, you are learning how much you can afford to spend, informing your Realtor of how to better serve you in the home search, and meeting the necessary requirements for when it comes time to make an offer.


 

 

Things Not To Do When Buying a Home

Below is a list of the most common borrower oversights that may impact a loan approval and/or timing.

 

Do not apply/open any new credit cards or credit lines

This may reduce your credit scores and cause your interest rate to rise and/or result in loan denial

Do not buy/lease a new auto without consulting the loan officer

This may reduce your credit scores and cause your interest rate to rise and/or result in loan denial

Do not deposit any cash into accounts without consulting the loan officer

Cash deposits require documentation. If you cannot document, this could lead to major delays.

Do not change jobs without consulting the loan officer

Proper documentation must be in order and cleared through the underwriter.

Do not schedule moving trucks without a ‘clear-to-close’

Do not schedule moving trucks until you get the ok from the loan officer.

Do not forget to pay your bills

Credit will be pulled again five days prior to closing in order to confirm all bills are paid and no new credit is obtained.

Do not have anyone write a check for your EMD

The check for the deposit on your purchase must come from the loan applicant or approved gift donor.

Do not delay providing the required documentation for your loan approval

Submitting all paperwork in a timely fashion will lead to a smooth and effective transaction.

Do not sell personal items then deposit cash

A deposit without a paper trail can lead to loan denial.

Do not forget to check your junk email

Important emails may end up in your spam/junk folders.

 

 

Documents for your Mortgage Approval

 

 

YOUR PROPERTY

Copy of signed sales contract.

Verification of the deposit placed on the home.

Names, addresses, and phone numbers of all parties involved. i.e. REALTORS®, Title Agencies, Attorneys, etc.

Copy of MLS ticket and legal description if available.

Provide Condominium Declaration by-laws and most recent budget.

 

YOUR INCOME

Copies of your pay-stubs for the past 30 days.

Bank statement for past three months.

Copies of W-2 forms for past two years.

Copies of  tax returns for past two years.

Name and contact info for all employers within the past two years.

Letter explaining any gaps in employment within the past two years.

Work visa or green card front and back (if applicable.)

 

If you are self-employed:

Full tax returns for past two years. Please provide complete tax return including schedules, statements, and any extensions (if needed to be filed.)

Year-to-date profit and loss statement.

K-1 for all partnerships and S-Corps for the past two years. Note: Most K-1 forms are not attached to the 1040 tax form.

Completed and signed Federal Partnership (1065) and/or Corporate Income Tax Returns.

 

ALIMONY OR CHILD SUPPORT TO QUALIFY

Provide divorce decree/court order, stating amount and proof of receipt of funds for the past year.

 

SOCIAL SECURITY INCOME – DISABILITY/VA BENEFITS

Provide award letter from Government agency/organization.

 

SOURCE OF FUNDS AND DOWN PAYMENT

Sale of your existing home – provide a copy of the signed sales contract.

Bank statement and money market funds for the past three months.

Stocks and Bonds – provide copies of the statement from the broker or copies of certificates.

Gifts – If part of your cash-to-close, provide a gift letter and proof of funds.

Based on info appearing on the application and/or credit report, additional documentation may be required.

 

DEBT OR OBLIGATIONS

List of names, addresses, account numbers, balances, and monthly payments for all current debts within the past three months.

Include names, addresses, account numbers, balances, and monthly payments for mortgage holders/landlords for the past two years.

Check to cover application fee(s).