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.
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)
a house)
oPurchase
agreement
agreement
oIf
you are selling your current home, copy of listing and/or contract
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)
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
stubs for the last 30 days –
most recent
For the last two years:
oNames
and addresses of each employer –
for full
two years
and addresses of each employer –
for full
two years
oW-2s
/ 1099s
/ 1099s
oStatements
for each bank, mutual fund, and/or investment accounts for last three months
(ALL pages)
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:
your accounts:
oExplanation
and source for deposit
and source for deposit
If large deposit was a gift:
oSigned
gift letter (lender can supply)
gift letter (lender can supply)
oCopy
of gift check
of gift check
oCopy
of deposit receipt
of deposit receipt
If you own more than 25% of a business:
oCorporate
or partnership tax returns
or partnership tax returns
oPersonal
tax returns (all schedules)
tax returns (all schedules)
If you own rental property:
oTax
returns (all schedules) for the last two years and current rental agreements
returns (all schedules) for the last two years and current rental agreements
oYear-to-date
Profit and Loss
Profit and Loss
Retired, Disabled, Social Security:
oPension
Award Letter
Award Letter
oSocial
Security Award Letter
Security Award Letter
oDisability
–
provide proof of three year continuance
–
provide proof of three year continuance
If you are counting child support as
income:
income:
oCopy
of divorce settlement or child support order
of divorce settlement or child support order
oCopy
of child birth certificate
of child birth certificate
oProof
that money has been received for the last 12 months
that money has been received for the last 12 months
Explanation of credit report anomalies,
including:
including:
oLate
payments, charge-off collections, judgments, and/or liens
payments, charge-off collections, judgments, and/or liens
oBankruptcy
filed within last seven years (bring a copy of your bankruptcy papers)
filed within last seven years (bring a copy of your bankruptcy papers)
oIf
renting, need landlord name and phone number
renting, need landlord name and phone number
oInquiry
letter
letter
VA LOANS
oCopy
of Form DD-214, Report of Separation
of Form DD-214, Report of Separation
MISCELLANEOUS
oPhoto
ID and proof of Social Security Number
ID and proof of Social Security Number
oResidence
addresses for the past two years –
ALL
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
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
and number for home owners insurance
oDisclosures
