About Lynchburg City County, VA

HOME BUYERS GUIDE - STEP 7

ITEMS YOU WILL NEED FOR YOUR LOAN APPLICATION

PERSONAL INFORMATION

Residence Address for the last 2 years

Divorcee Decree (if applicable)

Drivers License for ALL Applicants

EMPLOYMENT

Employer Names and Addresses last 2 years

Gross Monthly Income

Copies of the last 2 years W-2 Forms

Pay Stubs Covering a full 30 day period (indicate Year To Date)

If your pay stubs are on-line you must access & be able to supply to Lender

Verification of Additional Sources of Income

If Self-employed

2 years 1040 Tax Returns

Current Year profit & loss statement

BANKING

Last 2 months of Bank Statements or Passbook Savings

Showing names, addresses, account number and account balance

MISCELLANEOUS

Info on all Cash Assets, Stocks, Bonds, Real Estate, Life Insurance

Veterans: Certificate of Eligibility

Check for Credit Report and Appraisal Fees - Approximately $400.00

VA - VHDA - FHA - USDA Loans require more intensive paperwork -

Your Lender will advise you of these additional requirements.

THE REQUIRED PAPERWORK MUST BE GIVEN TO YOUR LENDER IMMEDIATELY - IF YOUR LENDER CALLS YOU TO REQUEST OTHER INFORMATION - YOU MUST PROVIDE THIS IMMEDIATELY.

KATHY MYERS CARSON, ABR, GRI

RE/MAX 1ST OLYMPIC - LYNCHBURG, VA

434-660-4025

kcarson@jetbroadband.com

Follow me on TWITTER @ KATHY CARSON

Friend me on FACE BOOK - KATHY CARSON

"CALL MY SELL!!"

Are you confused by all of the talk about the $8,000 first time home buyer tax credit? Not sure if you qualify? This short video from RE/MAX highlights the points of the $8,000 First Time Tax Credit Extension and Expansion:

-Extends the $8,000 first time Home Buyers Tax Credit if you're under contract by April 30, 2010 and close by June 30, 2010 -Up to $6,500 tax credit for current homeowners who have lived in their homes (as principal residence) for 5 consecutive years of the last 8 years and close on their new home by June 30, 2010 -Income level of $125,000 for single buyers, $225,000 for joint buyers - Military members and those who've been deployed overseas for at least 90 days in 2008-2009 can claim the credit if they're under contract by April 30, 2011 and close by June 30, 2011.

Now IS a great time to buy a home!

THIS IS OUR KITTEN "ELMO"

(BRYLAN NAMED HIM)

HE LIKES BOAT RIDES!

BRANTLEY & BRYLAN DEARLY LOVE HIM SO YOU CAN SEE HE

THAT HE IS KEEPING SAFE FROM 6 LITTLE HANDS

BY HANGING OUT IN THE TREE!

KATHY MYERS CARSON, ABR, GRI

RE/MAX 1ST OLYMPIC - LYNCHBURG, VA

434-660-4025

kcarson@jetbroadband.com

Follow me on TWITTER @ KATHY CARSON

Friend me on FACE BOOK - KATHY CARSON

"CALL MY SELL!!"

HOME BUYER GUIDE - STEP 6

STEP 6: THE CLOSING

•· A Closing Date is set - this date is not set in stone. The date can be moved forward for many reasons, do not get upset about this - it is normal.

•· You are given a HUD Statement by either the Closing Agent or by me. This will detail all of the expenditures for the transaction - for the most part this will be very much like the GOOD FAITH ESTIMATE given to you by your MORTGAGE LENDER at the time you made your application for the loan.

•· We conduct a Walk-Through a day or so before the closing. We make sure everything is the same as it was on the day that you made your offer to purchase the house, "no better, no worse."

•· On the DAY OF CLOSING - We meet at the Closing agency or Attorney's Office.

•· You will bring a Certified Check made out to the Closing Co or Attorney for the exact amount of the Closing Costs.

•· You sign a ton of papers.

•· You get the KEYS & YOU ARE A HOMEOWNER!!!!

CONGRATULATIONS!!!!

KATHY MYERS CARSON, ABR, GRI

RE/MAX 1ST OLYMPIC - LYNCHBURG, VA

434-660-4025

kcarson@jetbroadband.com

Follow me on TWITTER @ KATHY CARSON

Friend me on FACE BOOK - KATHY CARSON

"CALL MY SELL

HOME BUYER GUIDE - STEP 5

STEP 5 : MOVING TO CLOSING

YOUR NEXT STEPS - AFTER RATIFICATION OF YOUR CONTRACT (SELLER ACCEPTANCE) & THE HOME INSPECTION IS COMPLETED:

•1. Call your INSURANCE AGENT immediately. Your agent needs the address of the property and other information from you regarding your life style. Do you own a dog listed as an aggressive dog? Information about the house that can cause a rate differential: a pool, how close is the nearest fire hydrant, how close is the Fire Dept from property, etc.

•2. Call your MORTGAGE LENDER to make your formal MORTGAGE LOAN APPLICATION, . You will need to document everything - (see the ITEMS YOU NEED FOR YOUR LOAN APPLICATION). You will receive a Good Faith Estimate which will list the address of the property you have under contract & for the exact loan amount. The Good Faith Estimate will give you information on all of the fees associated with your loan, your closing costs and the estimated amount you will need the day your house closes. It will also include information on your Loan Payment Amount - Principle, Interest, Real Estate taxes and Homeowners Ins

•3. Closing Co or Attorney - you will need to choose who you want to "CLOSE" your Real Estate Transaction. Your Lender and I can advise buy you make the decision.

•4. Utility Changes - you need to contact the electric co, water/sewer co, gas co, etc & change the utilities over to your name effective the date of closing. If you have never had utilities in your name before you will need to register & possibly make a deposit for service. You also need to investigate the Television & Internet Connecting Cos to determine who you want to deliver this service.

SO - What's Going On Behind the Scenes

"The Invisible Stuff - you don't see"

•Ø The LENDER prepares your file & sends it to the Underwriter. The Lender is required to jump through all kinds of hoops during this phase & sometimes you have to help them - so - don't be surprised when the Lender calls your for more info - get it to them ASAP!!

•Ø The Appraisal is done

•Ø The Home Owners Insurance Agent is inspecting the property and working to get the rates for the Mortgage Lender and Closer

•Ø The Home Owners Association Package is ordered & delivered if applicable

•Ø The Termite, Well & Septic inspections are being done and results being reported to the Realtors & Closers

•Ø The Title for the Property is being researched.

•Ø The New Deed is being prepared

Both REALTORS are in the background making sure everything is being done in a timely manner and ironing out the wrinkles as they appear.

KATHY MYERS CARSON, ABR, GRI

RE/MAX 1ST OLYMPIC - LYNCHBURG, VA

434-660-4025

kcarson@jetbroadband.com

Follow me on TWITTER @ KATHY CARSON

Friend me on FACE BOOK - KATHY CARSON

"CALL MY SELL