Archive for the 1st Time Buyers Category

Borrower Checklist: What’s required to apply for a home loan?

13. May 2010 by admin.

From the desk of:
Maribeth Roncz
Loan Officer
First Federal Savings Bank  
906 W Edison Rd. Mishawaka, IN 46545 

Borrower Checklist

Actually, no documents are required from you at the time of application.  But to speed up the loan processing time, you can prepare for the application appointment by providing the following information:

  • List of all previous addresses for the past 2 years
  • Social Security Number(s)
  • Divorce decree, if applicable

Income Verification

  • W-2 forms for the previous 2 years
  • Employment information for the previous two years including name, address, and phone number
  • Copy of most recent pay stub(s) for one month
  • Award letter for Social Security, and 1099 for disability income
  • If rental income, commission, interest, or income other than salary, tax returns may be required
  • If Child Support/Alimony a court printout showing 12 months history
  • If Self-Employed a signed completed tax return for the past 2 years, including personal, partnership and corporate if applicable and all schedules. Also, a Business profit and loss statement year-to-date for current year if more than three months have passed since the end of the tax year

Asset/Liability Information

  • Copy of bank statements for the previous 2 months, including savings, checking and investment accounts
  • Stock and securities account statements for the previous 2 months
  • HUD settlement statement if using funds from the sale of property for down payment
  • List of other assets including life insurance, retirement funds, automobiles, etc.
  • List of all open credit accounts, i.e. charge accounts, open loans including account numbers, payment amounts and balances
  • Account number, name and address of current mortgage holder or landlord
  • List of all real estate owned including property address, market value, outstanding liens, rental income, mortgage payment, etc.

Property Information

  • Signed purchase agreement including legal description
  • If new construction - year land/lot acquired, original cost of land/lot, amount owed on land/lot, and a signed Contract
  • If refinance - year property acquired, original cost of home, cost of improvements, amount owed on property, and description of improvements

An application deposit will be requested at time of application. This non-refundable deposit will be applied toward closing costs.

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1st Time Buyer Program! Community Home Buyer’s Corp Community Development

5. March 2010 by admin.

This is a fabulous program for First Time Home Buyers in South Bend, Indiana!  Call or email for further details or to schedule an appointment.  574-329-9587 or Tim@TimVicsik.com (subject CHC Program). Community Home Buyers CorpThe mission of Community Homebuyers Corporation (CHC) is to provide affordable mortgage opportunities to first-time homebuyers, with low and moderate income, who wish to become residents of the City of South Bend.  Owning a home is a goal of almost every person, but securing the appropriate financing can be difficult.  With assistance from the Community Homebuyers Corporation (CHC) you or someone you know can move one step closer to owning a home.

The CHC provides mortgage loans for clients who are income eligible and may or may not be able to obtain conventional financing.  The CHC does not require a down payment, and has competitive interest rates, easier qualifying ratios, and no requirement for PMI insurance.

The 80/20 Loan is used by CHC as a program tool in the form of a grant.  The 80/20 Loan Program is a special mortgage for applicants who are eligible based on income.  A percentage of 5% - 20% of the purchase price is in the form of a forgivable second mortgage loan that you will not be obligated to pay back if certain criteria are met. Criterion includes a term of on-time consecutive payments on the first mortgage and attending post-purchase classes that cover home maintenance and personal finance topics.

The CHC serves St. Joseph County; however, the Community Homebuyers Corporation 80/20 loan program is currently available for home purchase within the City limits of South Bend only, based on available funding.

243 homes were purchased through the CHC 80/20 Program in this ten year period.

Information provided by CHC:

Community Development
1200 County-City Building • 227 W. Jefferson Boulevard
South Bend, IN  46601

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