What Paperwork Do You Need For Home Loans in Florida?
Buying a home is a life milestone you should be proud of. Over four million homes sold in the United States in 2023, and you can add to that number in 2024 with proper guidance. Your excitement will grow when you begin searching for your favorite types of houses in the Sunshine State.
Before exploring the options for your first home, you’ll want to navigate the loans in Florida to secure financing for the investment. Securing the best loan starts with finding a lender and having the necessary paperwork.
Fortunately, you’re not on this journey alone. You’ve found the right guide to help you organize and secure your first home loan. Continue reading to apply for a mortgage loan today!
Proof of Income and Employment
The first thing you’ll need to secure your home loan is proof of income and employment. The lender will want proof that your income is high enough to keep up with your mortgage payments.
The documents you’ll need when applying for a loan depend on your employment situation and how you’re paid. The previous two years of tax returns are a must for loans in Florida.
Records of Assets
When applying for a home loan in Florida, you’ll also need records of your assets and statement balances for all bank accounts where you store money.
The previous two months of investments in CDs, stocks, and bonds will also be necessary to determine your loan eligibility. Ensure you have these documents before meeting with the bank or lender.
List of Monthly Debts
Your debt-to-income ratio is essential for mortgage lenders to determine the loan amounts you’ll qualify for when shopping for different types of houses. It’s an excellent measure of your disposable income and overall budget when shopping for a home.
The debts include student loans, car payments, and rent or mortgage payments. Compiling this information and bringing it with you is essential when you’re set on owning a home.
The lenders will want the creditor’s name, address, and the remaining loan amount for each debt you face. You’ll also need to provide rent receipts from the previous 12 months.
Records of Other Financial Events
Life-event financial expenses are crucial to include with your paperwork when applying for a loan to become a new homeowner in Florida. If you’re divorced, court orders for alimony and child support should be included in the paperwork.
You’ll also need to provide paperwork if you’ve declared bankruptcy or experienced a foreclosure on a car or home in the past. Lenders will use that information to determine if they want to work with you.
Begin Applying for Loans in Florida Today
Applying for loans in Florida is an exciting step toward becoming a new homeowner in the Sunshine State, but you’ll need to compile your documents before making that dream come true. Provide proof of income and a record of your assets when applying for a bank or credit union loan. Your monthly debts and records of financial life events are also beneficial for approval.
Buying a house is a significant expenditure, but it’s the first step toward building your dream life. Check out our blog content for guidance and tips on securing loans and managing your finances today!
