Mortgage Loan Application checklist
LOAN APPLICATION
When applying for a home loan, you will need to supply your lender with…
YOUR PLACE OF RESIDENCE:
•· If you rent: Name, address and phone # of your current landlord.
- If you own your home and if your mortgage is not reported to the credit bureau: 12 months canceled checks will be needed (i.e private loans)
YOUR EMPLOYMENT:
•· Name and addresses of your employers for the last two years.
•· Copies of your last two years W-2’s and federal tax returns
•· A copy of your last 2 paystubs.
IF YOU ARE SELF EMPLOYED:
•· Complete copies of the last two years business and personal tax returns.
If you receive child support or alimony and are relying on this income to support your request for credit:
- Evidence of income receipt (ie canceled checks or a payment history from probation for the last 12 months)
If you receive social security or pension Income:
•· Copy of the award letter
•· Copy of the most recent checks received or bank statements showing automatic deposit.
YOUR ASSETS:
(Including checking accounts, savings accounts, money market fund accounts, stocks, bonds and investments)
•· Copies of all pages of the last two monthly statements or the last quarterly statements for 401k or IRA
CREDIT INFORMATION:
•· A detailed credit explanation letter for any derogatory credit on your credit report may be required.
- Proof that any collection accounts, charge offs, judgments and tax liens have been satisfied may be required.
- Copy of all bankruptcy papers including the discharge of debtor and list of creditors.
- INFORMATION ON THE HOME YOU ARE SELLING/RENTING.
A copy of the executed sales contract or lease contract.
IF YOU ARE APPLYING FOR A VA MORTGAGE:
•· Copy of your discharge papers showing an honorable discharge (DD214)
•· Original Certificate of Eligibility
PERSONAL INFORMATION:
•· A Copy of your divorce decree and/or property settlement agreement documenting any financial obligation to your previous marriage.
IF YOU ARE REFINANCING:
Copy of your most recent mortgage statements
Copy of your homeowners insurance policy
Copy of your property tax bill
If you are properly prepared with your documentation as early in the process as possible, You will have a much smoother transaction therefore alleviating any stress that comes with the process.
By Colleen Craig, SocalMtgPro, The Mortgage Ninja
For a downloadable checklist click here
