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:

1. Completed loan application form
2. Completed USDA forms (if applicable)
   • Authorization to release information
   • Income and asset certification form
3. Two (2) most recent pay stubs for all adults in your household
4. 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
5. Two (2) years of signed tax returns
6. Three (3) months of bank statements for all bank, retirement, or investment accounts
7. Copies of driver’s licenses and Social Security cards for all adults in the household
8. Divorce decree (if applicable)
9. 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.