Operation Condo

[Sk8lyn23]

I did hear that a bunch of bank owned homes would be released out on the market soon, so hopefully that will put some nice places within reach. 

I went through Wells Fargo through a recommendation from my realtor. They ask for a lot of info. I had to give them the following for a pre-approval:

CONDITIONS NEEDED FROM BORROWERS ON FHA LOANS 

•  
  • A Visa or Mastercard credit card # for the appraisal fee (This is a non-refundable fee for $ 50.00 and will show as POC or paid outside of  closing at the end of loan) 
  • 2 YEARS Most recent federal tax returns including all schedules. SIGN AS ORIGINALS.     Do not include State tax returns.
  • 1 FULL months Pay stubs. If they are online, they need to be signed by employer/manager.
  • 2 YEARS most recent W-2’s
  • 2 MONTHS bank statements. Please make sure to include EVERY page of the statement. Also, please include a short letter explaining any deposit over $500.00.
  • FRONT AND BACK CLEAR copies of each borrowers photo ID.
  • Copy of borrowers SSN card or Birth Certificate.
  • If currently renting provide: Landlord contact information or lease agreement. (provide for last 2 years) Name, address and phone number of landlord. And one year cancelled checks front and back

Because my boyfriend had a collection that was renewed making it somewhat recent we had to have that paid in full and submit a letter stating that it was paid in full. We also had to show that the entire down payment was in our bank account before they would pre-approve us. My father gifted me some money so I had to have him fill out a short letter stating that it was a gift.

Good luck losimanni. My advice would be to start getting the paperwork together early. We wanted to do everything around June and ended up starting the process in February, it looks like we might be moving into a place by June if we can find one and escrow closes. 

[Anonymous]

Wow, thanks for replying so quickly. What you posted is very helpful. Few of my friends who actually own all went through random brokers. So my thought was how do you pick who to go through.

I've read other threads with people using Wells Fargo. I will keep them in mind.

Right now our credit is good but our DTI could be better. So we're working on that for the next few months.

Thanks again for the tips. I'll start with the paper work gathering