Home Found Buyer Check List 

 

 

Required 

 

2 Months Bank statements. (Most Current).

 

2- Years Tax Transcripts  (Most Previous).

 

2- Paystub (Most Recent).

 

SSN.

 

U.S. Government ID (unless Foreign National).

 

Credit Scores 

 

640+ credit score ( we can help you achieve this) for Down Payment Assistance (DPA).

 

580+ for VA and FHA.

 

Reserves 

 

2 Months  ( Typically FHA, VA DO NOT require reserves but can depending on the lender if requested as the lender can make the standards higher but NEVER lower than the VA or FHA standards).

 

 

Expenses  

 

3% Down Payment (if NOT using DPA)

 

Earnest Money (varies 1%.-3%)

 

Home Appraisal  (varies $400 - $800)

 

Home Inspection (varies $650 - $1200 if expressed)

 

Closing Cost (varies ) 2% to 4% 

 

Pre-Paids  (varies - but prepaid are services that the seller has already paid for and the buyer will have to reimburse for the unused portion of the service).

 

Reaves & Co. Pays for:

 

1 Year Homeowners Insurance. 

 

6 Months Mortgage Protection Insurance.

 

NO Credit  Report or Check Consultation  or Misc. Mortgage Fees.

 

Credit Repair Services (Only after successful closing using our services).