Photo Credit: Jens Lelie
Tom Coronato from Citizens Bank has helped scores of buyers secure log home loans by helping them put together a complete picture of their current financial positions. Here’s what he says he and other lenders need to help you qualify for cash:
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- A 700+ credit score is ideal
- Two years of W2, 1099 and full 1040 (federal, not state) forms, both personal and business, plus K-1 form (if applicable)
- Thirty days of pay stubs or monthly pension advisements
- Your Social Security or pension award letter
- Two months of complete bank statements for accounts, including savings, checking, stocks, etc. — every page, not just the summary
- Your most recent quarterly 401k statement and/or other retirement accounts
- A letter of explanation on any negative credit (if applicable)
- A mortgage statement for your current home and any additional properties you own
- An estimated contract for your new log home plan to justify the amount you want to borrow
- A contract for the land on which you intend to build (a HUD-1 prior to October 2015; a CD after that date)
- A 20 percent down payment
With this information, lenders will look at your income-to-debt ratio, any large or unusual deposits (per The Patriot Act) and your work history to help them determine your ability to repay the loan. If the bank deems you a qualified borrower for the amount you are requesting, there is plenty of money to be had.
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