This past week was the annual Miami Association of REALTORS’ International Congress and the stats were fascinating. Although 1/3 of every real estate buyer in Miami is International, and 55.8% of all real estate resales in Miami are CASH, there are still a number of you that finance your Miami deals and want to know what you’ll need for the approval process.
Here’s a quick list that will give you an idea of the documentation that will be requested from you to apply for a loan. We remind you that we are not lenders, we are real estate agents ready to help you with your Miami home purchase or sale, but we do have a list of lenders we can recommend, whether you are a US citizen, resident or a foreign national. This application checklist is for a conventional loan for residents, and should give you a good start:
- Last 2 years W-2’s and Federal Tax Returns including all schedules
- If self-employed, Last 2 years corporate tax returns and year-to-date profit and loss statement
- Past 30 days computerized pay stubs, to include year-to-date earnings
- 2 months current bank and asset account statements
- Driver’s license or state ID card
- If you own additional real estate, the following documentation for each property:
- Copy of current mortgage statements
- Copy of tax bills
- Copy of leases
- Copy of home owner’s insurance bills or insurance agent contact information
Once you are pre-approved for a loan, contact us so we can start the property search. The Miamism Sales Team is always ready to help!