These documents will be necessary from each borrower who will be on the loan application.

• Home address(es) for the previous two years.
• Your social security number.
• Employment information for the previous two years including employer name, address and phone number.
• Paycheck stubs-last two consecutive.
• W-2 forms and personal tax returns for the last two years.
• Detail of any other income sources.
• Last two months statements (all pages) from the bank accounts from which the down payment will come.
  • Investment accounts
  • Asset accounts
  • Retirement accounts

There are various programs available for first-time buyers. The best way to get the most current information is to contact lenders who offer government-insured loans. Other sources to look at are:

Financial Assistance Programs in Washington

Seattle Down Payment Assistance Programs

Washington State Housing Finance Commission

• Escrow fee. These fees are based on the price of the home and are generally divided between the buyer and seller.
• Loan origination fee. To cover the cost of the administration costs of the lender.
• Title Insurance. A policy the lender requires.
• Appraisal. Lenders require an appraisal of the property value (typically $450-$575).
• Inspection. These average around $425-$650 depending on the size of the home and the inspector. When performing a pre-inspection the inspector does not write and provide a report. Because of this, pre-inspections typically cost $250-$400.
• Pro-rated property taxes. At closing, the buyer and the seller are responsible for taxes during the time of their ownership. After closing, the Buyer’s taxes are typically included in the loan payment.
• Home owners' dues. This applies to condominium and co-op purchases only.
• Wire transfer and courier fees.
• County recording fee.