Apply for Your Mortgage Loan
Once you have signed a purchase and sale contract to buy your OPAL home, it is time to pull together all the information you need to apply for a mortgage loan. This includes bringing the following to the OPAL office and meeting with staff:
- Completed loan application form
- Completed USDA forms (if applicable)
• Authorization to release information
• Income and asset certification form
- Two (2) most recent pay stubs for all adults in your household
- Any other applicable income documentation such as:
• Evidence of child support
• A year-to-date profit and loss statement if you are self-employed
• Current Social Security or SSI statements
• Any other income documentation
- Two (2) years of signed tax returns
- Three (3) months of bank statements for all bank, retirement, or investment accounts
- Copies of driver’s licenses and Social Security cards for all adults in the household
- Divorce decree (if applicable)
- Evidence of child care expenses (if applicable)
After you provide all the above information and documentation, OPAL staff will review it, ask for any necessary supplemental information, and put together a package to send to your lender. If everything looks good, then you will need to:
- Order an inspection of the house. The cost of the inspection can be paid at closing.
- Shop for homeowner’s insurance. OPAL staff will let you know what the insurance requirements are for your particular house.
- Complete your homebuyer education class.