How to buy a home in Maine

Loan Application Checklist

General:

Picture ID with Social Security Number
Payment to cover application fee
Name and complete address of all landlords (past 2 years)

Income:

Employment history, including names, addresses, phone numbers, and length of time with that company (past 2 years)
Copies of your most recent pay stubs and W-2 form (past 2 years)
Verification of other income (social security, child support, retirement)
If you are self-employed: Copies of signed tax returns including all schedules (past 2 years), and a signed profit and loss statement of the current year
If you are retired: Tax returns (past 2 years)
If you have rental property income: Copies of all lease agreements

Assets:

Copies of all bank statements from checking/savings accounts (past 3 months)
Copies of all stock/bond certificates and/or past statements/retirement accounts
Prepare a list of household items and their values
Copies of title documents for all automobiles, boats, or motorcycles
Face amount, monthly premiums, and cash values of all life insurance policies (Cash value may be used for closing costs or down payments. You need documentation from the carrier indicating cash value)

Creditors:

Credit cards (account numbers, current balances, and monthly payments)
Installment loans (car, student, etc.) Same details as for credit cards
Mortgage loans (property address, lender with address, account numbers monthly payment and balance owed on all properties presently owned or sold within the last 2 years). Bring proof of sale of properties sold
Childcare expense/support (name, address, phone number)

Other:

Bankruptcy – bring discharge and schedule of creditors
Adverse credit – bring letters of explanation
Divorce – bring your Divorce Decrees, property settlements, quitclaim deeds, modifications, etc
VA only – bring Form DD214 and Certificate of Eligibility
Retirees – bring retirement and/or Social Security Award Letter

Things NOT to do...

The Ten Commandments when applying for a Real Estate Loan

Thou shalt not change jobs, become self-employed or quit your job
Thou shalt not buy a car, truck or van (or you may be living in it)
Thou shalt not use charge cards excessively or let your accounts fall behind
Thou shalt not spend money you have set aside for closing
Thou shalt not omit debts or liabilities from your loan application
Thou shalt not buy furniture
Thou shalt not originate any inquiries into your credit
Thou shalt not make large deposits without first checking with your loan officer
Thou shalt not change bank accounts
Thou shalt not co-sign a loan for anyone

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Your Home Search...

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...Everything You'll Need To Know