Atlanta home buyers that will be financing a home need to understand the mortgage underwriting process.
For all financing programs, FHA,VA, USDA, Jumbo and Conventional loans, will all follow the same basic process.
Once you have completed the application, a package will be sent that includes the 1003 mortgage application and the disclosures. You will need to return these forms with your supporting documentation.
Supporting documentation will be:
· Last 2 year’s FEDERAL tax returns
· Last 2 year’s W-2
· Last 30 days pay stubs showing year to date income
· Last 2 month’s bank statements (all pages)
· Last 2 month’s asset statements (all pages)
· Copy of your driver’s license
The underwriter will now compare the information on your application with the supporting documentation you provided and the outside verification of income, assets, employment and IRS tax records.
If there are questions or discrepancies, you may be asked to provide additional information or a letter of explanation.
Atlanta home buyers that have pulled the documentation together prior to finding the right property will find the process much easier.