Mortgages

At Passumpsic Bank our goal is to make this process as smooth and fast as possible, so you can see your dream become a reality!

In an effort to process and underwrite your file as quickly as possible, we will need the following information to accompany your completed application packet:

• Pay stubs: Most recent pay stubs totaling 1 month of income.
• W-2 Wage Earnings: Previous two years of W-2s and/or 1099s. VHFA loan programs (first time homebuyers) will need 3 years of documents.
• Federal Tax Returns: Previous 2 years of signed tax returns including all schedules. VHFA loan programs require 3 years of signed tax returns.
• Deposit Accounts: This includes checking and savings accounts. Most recent 2 months of statements including all pages and it needs to be on letterhead.
• Social Security/Pension: Copy of your most recent Award letter if applicable.
• Child Support Obligation: Copy of the child support order and divorce decree if applicable.
• Child Support Income: Copy of the child support order, divorce decree, and verification of receipt if you wish to include that in your monthly income. Only if applicable.
• Real Estate Owned: Copy of the following information for all real estate currently owned (including the subject property if refinancing):
  • Most recent mortgage loan statements for all mortgages on the property
  • Most recent paid tax bill (if not escrowed with the mortgage)
  • Most recent paid homeowner insurance (if not escrowed with the mortgage)
• Purchase Transactions--Copy of the following information for the property you are looking to finance:
  • Complete copy of the Purchase and Sales Agreement
  • Most recent paid tax bill
  • Warranty Deed
  • Listing Sheet
• Business Tax Returns: If you have more than 25% interest in a business please provide the previous 2 years of business tax returns.
• Check: Made payable to "Northeast Home Loan" ($50.28 for single borrower or $53.03 for joint applicants) for the credit investigation.

Contact a Mortgage Lender today to request a mortgage application package and to schedule a meeting.

• Resist spending any money that you have saved for your down payment and/or closing costs.
• Resist liquidating any investments or retirement accounts.
• Resist making any large purchases such as furniture, appliances or automobiles.
• Resist opening any new accounts (i.e. credit cards, installment loans, home equity loans, personal loans, etc…) that may alter or change your financial obligations significantly.
• Don’t stop making any of your payments such as your mortgage, rent, auto loans, credit cards, etc… Even if you intend to payoff these accounts with the proceeds of this mortgage loan.
• Be prepared to provide verification of any large deposits made to any of your accounts.
• Notify us of any changes in your employment.