A Series for the First Time Homebuyer – Nashville Style! STEP SEVEN: Finish Your Paperwork!
So you have decided that you want to take advantage of the First Time Home Buyer’s $8000 Tax Credit?!! This may be a great idea for you because in Middle Tennessee, you have got LOTS of homes to choose from! Your dream of homeownership may soon become reality!
If you have never bought a home in Nashville or Davidson County before (believe it or not, a “first time home buyer” just means that you have not owned a home in the past three years), the idea of it might be a little bit daunting. This series that I am putting together strives to help clarify the steps that will lead you into your new front door!
At this point in the home buying process, you are getting VERY close to the finish line! It’s time to check back in with your mortgage lender. Ask as many questions as you need to and be sure that your lender has EVERYTHING that they need from you!
You will be expected to submit W-2 forms, pay stubs, bank account statements, IRA’s, any other retirement accounts, basically any money that you have in any form the mortgage lender will want to know about.
When you are approaching the closing date, the mortgage lender may want you to update this information to ensure that it has not changed. This is why it is important to neither spend nor receive a large amount of money during the contracted period. This could make you appear “unstable” to the lender.
I have seen buyers be turned down because their grandparents gave them a cash gift towards the purchase of their house and the bank decided that the buyer was “unstable” due to that gift. It’s better to get your ducks in a row WAY before you put in your offer on a home!!!
SO… the moral of the story is – CALL YOUR LENDER and make sure that all of your paperwork is filled out and ready to go!!!
If you are interested in selling or finding a home in Green Hills, Downtown, 12th South, or Oak Hill area of Nashville, or would like to look at other real estate for sale in the Middle Tennessee area, please search the MLS HERE. Please note: You will have to register with my site to be able to search the MLS. I will contact you initially and all requests thereafter for privacy will be respected.
Looking to move? Wanting to Invest? Need help as a First Time Buyer? Please feel free to call me, Emily Lowe (yes, I’m a Realtor, with The Lipman Group Sotheby’s International Realty) at 615.509.1753