Loan Application Checklist

In general, the documentation you will need includes:

An awareness that there are two items which are paid to third party providers: credit report ($40 - $50) and appraisal report (typically $475 - $685). However, these fees do not have to be paid in advance, and are typically built into the loan amount.  Remember - "how" fees and costs get paid are all negotiable!!


FOR PURCHASE OF A NEW HOME:
Property Information (if you already have a contract to purchase a house)
Purchase Agreement.
Copy of legal description and MLS sheet.
If you are selling your current home: a copy of the listing contract.
If you recently sold your home: a copy of "settlement statement" (HUD-1).


 

 

FOR VIRTUALLY ALL LOANS:

Income & Assets

Pay stubs (with year-to-date earnings) for the last 60 days.
Add to that - for the past two years:
 

Names and addresses of each employer.

W-2's & or 1099's
Bank & Investment statements for each bank, mutual fund, and/or investment account for the last three months.
Estimated value of personal property and furniture.
  If you have made any large deposits to your accounts:
 

Explanation and source for deposit.

If large deposit was a gift:
 

Signed gift letter (lender can supply).

Copy of gift check.

Copy of deposit receipt.
  If you own more than 25% of your business as a corporation or partnership:
 

Corporate or partnership tax returns. (not required if using "Stated Income" for your loan application process)
  If self-employed (sole proprietorship or contract employment):
 

Tax returns for the last three years (with schedules).

Year-to-Date Profit and Loss Statement (best if prepared by an accountant or book keeping service).
NOTE: These documents are still required if using "stated income" processing.  The Stated Income loans are designed for self employed individuals, but may require other proof of actual income -- even if just for our own internal purposes.
  If you own rental property:
 

Tax returns for the last two years and current rental agreements.
  If you are retired:
 

Pension Award Letter.
  If you receive Social Security:
 

Social Security Award Letter.
  If you are counting child support as income:
 

Copy of divorce settlement.

Copy of twelve months of cancelled child support checks.

Debts: 

*NOTE - It is best to contact us and have us run your credit report.  In this way credit entry mistakes can be avoided.  And if there are errors in the bureau information, we will have time to make corrections.  And, sadly, there are often errors in the reporting of your credit information.  It's good to get a head-start on the process.

Names, addresses, account numbers, balances and monthly payments on all current loans.
Explanation of credit report anomalies, including:
 

Late payments, credit inquiries in the last 90 days, charge-offs, collections, judgments and/or liens.

Bankruptcy filed within last seven years (bring a copy of your bankruptcy papers).

Stated Income Loans

You may have to supply a full year of bank statements.  Be prepared.  This is what is called a "Stated Income - Verified Assets" loan processing format.  True "Stated Income" loan processing requires better than average credit scores.

Miscellaneous

Photo ID and proof of Social Security number - this is to comply with the new United States Patriot Act, and will confirmed in escrow.
Residence addresses for the past two years.
If applicable, a copy of your divorce decree.
If you are not a citizen, a copy of the front and back of your green card.