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PURCHASE
aCollect signed and fully executed contract – ALL pages
aCollect signed counseling certificate
aComplete ReverseVision application
• Make sure that the appraisal contact is filled out
• Make sure title company is filled out
a�ReverseVision – go to the “Case” tab and update the closing date before you print the application
a�Execute Real Estate certification documents signed by seller, borrowers and Real Estate agents
a�Collect evidence of borrower funds for down payment and funds to close
• Down payment funds /earnest money
- Bank statements for the time period
- Proof that earnest money check has cleared the account
- Copy of the earnest money check –front and back
- Written verification from the builder/seller/realtor that they received earnest money (a statement on the contract that specifically states the receipt of the EM will suffice)
• Sale of Home
- Signed HUD1 from sale
• Sale of verified assets
• Gift from family – need gift letter and sourced and seasoned funds for gift
- No gifts of equity
• Three months of sourcing required on each account where funds are coming from
• If coming from a retirement account or equivalent, need to source funds coming out and show funds going into bank account
• Statements must show the following: name, address, account #, name of institution
- Must have all pages, even if blank
- Most online statements do not show this
• At closing we will need proof of the wire out from the borrower and proof of receipt in from the closing agent
- �If this is done before the file goes to closing it makes the closing go smoother and quicker
aLetter of Explanation from borrower
• Where are they currently living?
• Explain what they are doing (leasing, selling, etc...)
- If keeping, need two years tax returns and proof of taxes, insurance and HOA. Income calculation will be done to ensure sufficient funds to handle both properties.
• Where are the funds coming from for the purchase
aHomeowners Insurance – know the company and contact
aSend all the above by UPS to Kathryn Weber
• Once the initial audit of the file is done Kathryn will forward to NY Setup and CA/Tom Green for indexing
- Kathryn Weber
8626 Two Sisters Ct
Missouri City, TX 77459
770.316.4912
H4P Application Process forPurchase and New Construction
NEW CONSTRUCTION
Prior to Certificate of Occupancy (CO)
aCollect executed contract
aCollect counseling certificate
• If done at this stage we can make sure everything is correct here prior to CO
a�Collect evidence of borrower funds for down payment/earnest money
• Need to verify 90 days of funds for the down payment
- Bank statements for the time period
- Proof that earnest money check has cleared the account
- Copy of the check – front and back
- Written verification from the builder that they have received the earnest money
- There are often multiple earnest money deposits so the builder needs to acknowledge all funds received
aSend all the above in by UPS to Kathryn Weber
• Kathryn will work with you on making sure this is all in line so that when the CO is in we are ahead of the game and can close quickly
• Kathryn will keep a copy of the entire Pre-CO copy and hold until CO is issued
- Kathryn Weber
8626 Two Sisters Ct
Missouri City, TX 77459
770.316.4912
Post Certificate of Occupancy
aCollect signed certificate of occupancy
aComplete ReverseVision application
• Make sure that the appraisal contact is filled out
• Make sure Title Company is filled out
a�ReverseVision – go to the “Case Tab” and update the closing date before you print the application
a�Execute Real Estate certification documents signed by seller, borrowers and Real Estate agents
aCollect evidence of borrower funds to close
• Sale of home
- Signed HUD1 from sale
• Sale of verified assets
• Gift from family – need gift letter and sourced and seasoned funds for gift
- No gifts of equity
• Three months of sourcing required on each account where funds are coming from
• If coming from a retirement account or equivalent, need to source funds coming out and show funds going into bank account
• Statements must show the following: name, address, account #, name of institution
- Must have all pages, even if blank
- Most online statements do not show this
• Sale of home
- HUD1 from sale
• Sale of verified assets
• Gift from family – need gift letter and sourced and seasoned funds for gift
- No gifts of equity
• At closing we will need proof of the wire out from the borrower and proof of receipt in from the closing agent
- If this is done before the file goes to closing it makes the closing go smoother and quicker
a�Letter of explanation from borrowerWhere are they currently living
• Where are they currently living?
• Explain what they are doing (leasing, selling, etc…)
- If keeping, need two years tax returns and proof of taxes, insurance and HOA. Income calculation will be done to ensure sufficient funds to handle both properties.
• Where are the funds coming from for the purchase
- Homeowners insurance – know the company and contact
• Send all the above by UPS to Kathryn Weber
- Once the initial audit of the file is done Kathryn will forward to NY Setup and CA/Tom Green for Indexing
- Kathryn Weber
8626 Two Sisters Ct
Missouri City, TX 77459
770.316.4912
