Knowledge is Power

Today’s
edition of Priority
Pulse may
seem a bit elementary, but a refresher might be a good thing –
especially if you either overindulged watching Sunday’s Super Bowl or the
result didn’t go your way.  Below, I’ve
included a Loan Application Checklist.  Can
you correctly explain why each item is required?  You need a “C” or higher to pass –
if you don’t, we can give you some tutoring.
PROPERTY INFORMATION (if you already have
a house)
oPurchase
agreement
oIf
you are selling your current home, copy of listing and/or contract
oIf
you have sold your current home in the last 6 months, copy of settlement
statement (HUD 1)
INCOME AND ASSETS
oPay
stubs for the last 30 days –
most recent
For the last two years:
oNames
and addresses of each employer –
for full
two years
oW-2s
/ 1099s
oStatements
for each bank, mutual fund, and/or investment accounts for last three months
(ALL pages)
If you have made any large deposits to
your accounts:
oExplanation
and source for deposit
If large deposit was a gift:
oSigned
gift letter (lender can supply)
oCopy
of gift check
oCopy
of deposit receipt
If you own more than 25% of a business:
oCorporate
or partnership tax returns
oPersonal
tax returns (all schedules)
If you own rental property:
oTax
returns (all schedules) for the last two years and current rental agreements
oYear-to-date
Profit and Loss
Retired, Disabled, Social Security:
oPension
Award Letter
oSocial
Security Award Letter
oDisability

provide proof of three year continuance
If you are counting child support as
income:
oCopy
of divorce settlement or child support order
oCopy
of child birth certificate
oProof
that money has been received for the last 12 months
Explanation of credit report anomalies,
including:
oLate
payments, charge-off collections, judgments, and/or liens
oBankruptcy
filed within last seven years (bring a copy of your bankruptcy papers)
oIf
renting, need landlord name and phone number
oInquiry
letter
VA LOANS
oCopy
of Form DD-214, Report of Separation
MISCELLANEOUS
oPhoto
ID and proof of Social Security Number
oResidence
addresses for the past two years –
ALL
oIf
you are not a citizen, a copy of the front and back of your green card or visa
oName
and number for home owners insurance
oDisclosures

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