Before you can purchase an Irmo, SC home, you will need to secure financing in the form of a mortgage, unless you have a substantial savings account.  Before you begin the application process, it is a good idea to gather the necessary paperwork that will expedite the process. This will save you added stress and help you keep your sanity as you navigate the home buying process.  Take a moment and look through today's blog to get a list of the necessary documents for the type of loan you need.  Feel free to contact our experienced agents with any questions and let us be your partner as you buy your new Irmo home. 

Loan Aps: What You Need

Applying for a home loan sometimes feels as long, complicated and arduous as astronaut training. While the process is difficult, it shouldn’t prevent you from following your dreams of home ownership. With some preparation, applying for a mortgage loan can even be fun! (Okay, that’s a lie, but at least being prepared will make the process less painful.)

Before we gather up the substantial amount of paper you’ll need, there are a few things you should find out. First of all, ask how long the loan approval process will take. These days the range is broad—anywhere from a day to three or four months. This is important, because if you have a mortgage contingency clause in your purchase contract, your lender needs to know it so they can help you meet your deadline.

Next, you need to be aware that you’ll have to disclose where you got the money for your down payment. If you borrow the money, that debt will be considered in the approval process (it could even increase your interest rate or prevent you from being approved at all.) If relatives are providing the money, you need proof that the down payment is a gift—in other words, that you won’t have to pay it back.

Find out if your state allows mortgage prepayment penalties. You need to be aware that if these are legal where you are, there will be a charge if you pay off your mortgage early through refinance or multiple principal payments. Avoid mortgages that require a prepayment penalty beyond the third year.

Now get ready—the following is what you’ll need when applying for that loan:

Asset items

  • Bank statements for previous two months (sometimes three) on all accounts. All pages, even if you don't think them important
  • Statements for two months on all stocks, mutual funds, bonds, etc.
  • Copy of latest 401K statement (or other retirement assets because they can count as reserves)
  • Explanations for any large deposits and source of those funds
  • Copy of HUD1 Settlement Statement on recent sales of homes
  • Copy of Estimated HUD1 Settlement Statement if a previous home is for sale, but not yet closed
  • Gift letter (if some of the funds come as a gift from a family member - the lender will supply a blank form)

Gifts can also require:

1. Verification of donor’s ability to make the gift (bank statement)

2. Copy of the check used to make the gift

3. Copy of the deposit receipt showing the funds deposited into bank account or escrow

Note: many get their statements of various kinds over the internet and these are not always acceptable to lenders, especially when the printed version does not contain the borrower's name, account number, and the name of the institution.

Credit items

  • Landlord’s name, address, and phone number (if you rent - for verification of rental)
  • Explanations for any of the following items which may appear on your credit report: Late payments; Credit inquiries in the last 90 days; Charge-offs; Collections; Judgments; Liens
  • Copy of bankruptcy papers if you have filed bankruptcy within the last seven years


FHA loans

  • Copy of Social Security Card (or other documentation of social security number)
  • Copy of Driver’s license


Income items

  • W2 forms for the last two years
  • Most recent pay stubs covering a 30 day period
  • Federal tax returns (1040’s) for the last two years, if: you are self-employed; earn regular income from capital gains; earn sizable interest income, etc.; earn more than 25% of your income from commissions or bonuses; own rental property; or are in a career where you are likely to take non-reimbursed business expenses).
  • Year-to-Date Profit and Loss Statement (for self employed)
  • Corporate or Partnership tax returns (if you own more than 25% of the business)
  • Pension Award letter (for retired individuals)
  • Social Security Award letters (for those on Social Security)

Miscellaneous items

  • Copy of purchase agreement (if you have already made an offer)
  • To document receipt of child support (if you desire to show it as income)
  • Copy of Divorce Settlement (to show the amount)
  • Copies of twelve months canceled checks to document actual receipt of funds



  • Copy of your most recent monthly mortgage bill
  • Copy of Note on existing loan
  • Copy of HUD1 Settlement Statement on existing loan

VA loans

  • Copy of DD214


Get up to date with our latest posts from within our network:


Current Median Homes for Sale in Lexington and Richland County SC as of July 16th 2014

Today's blog features a tour of the current median homes for sale in Lexington and Richland County, SC.  The homes listed below come from a variety of location including Columbia as well as the Lake Murray area.  Prices on these homes range ...Read more

Newest West Columbia SC Median Homes for Sale as of July 14th 2014

Our blog on this Monday, July 14th feature the newest West Columbia, SC median homes for sale.  Known for its convenient location and variety of neighborhoods, West Columbia is the perfect place for families who appreciate the proximity of the big ci...Read more

Lexington SC Latest Condos for Sale as of July 21st 2014

On this Monday, July 21st, it is our pleasure to give you a tour of the latest condos for sale in Lexington, SC.  Whether you are looking for a vacation condo with lake views or a cozy place in the center of the city, we can help make your search easier.  Browse through today's list and also take a look at our website for a complete list of all the Lexington properties that are currently available. Read More...

Recent Stoney Point Homes for Sale in Chapin SC July 16th 2014

Join us today for a closer look at the recent homes for sale in Stoney Point of Chapin, SC.  Located on Lake Murray, this beautiful neighborhood is convenient to downtown.  Many of the homes on today's list are priced in the mid $100,000s, t...Read more

Newest Entry Level Homes for Sale in Columbia SC as of July 21st 2014

Start your week with a tour of the newest entry level homes for sale in Columbia, SC.  Living in the state capital offers access to cultural opportunities as well as sporting events and some fantastic dining.  However, Columbia still maintains a small-town feel with its locally-owned coffee shops and boutiques downtown.  Read More...


Other Sites Posted:  Our Site  AGreaterTown  Trulia  RealTown CrackerJackAgent  ActiveRain


Irmo SC Real Estate - EXIT Real Estate Consultants in Irmo SC
Irmo is part of both Lexington and Richland counties. It is located 5 miles east of Columbia, South Carolina near the town of Lexington and a few miles from Lake Murray. EXIT Real Estate Consultants is your local expert in all your Real Estate needs in Irmo, South Carolina.  You have access to the most comprehensive MLS listing service with free access and advanced tools for real estate buyers and sellers.  Put us to work for you; our service will impress you!  (803) 358-0888