Required Documents

The amount of required documents can sometimes appear to be overwhelming. The following is a list of information you will need when applying for your loan. Some of the items may not apply to you and in some cases additional items may be needed:

NEW HOME INFORMATION

*_____Purchase agreement (contract) and related addendum

*_____Application fee. This covers the cost of a credit report & appraisal

PERSONAL INFORMATION

*_____Social Security number

*_____Drivers license

*_____Home address for the last two years

*_____Marital status and dependent information

*_____Employment information

*_____Certificate of Eligibility & DD214 (for VA LOANS only)

INCOME INFORMATION (for salaried people)

*_____Two most recent pay stubs (include information regarding bonuses)

*_____Bank statements for the past 3 months

*_____W-2 forms for the last two years

*_____Proof of the source of all funds for the down payment and closing costs

*_____Divorce or separation documentation, include alimony/child support information

(if such information is to be considered) Include court statements, 12 months of cancelled checks and signed copy of divorce decree or separation agreement.

*_____Phone numbers, addresses and contacts for your present employer’s Human Resource or Personnel Department

*_____Pension award letters or any supplemental income (if applicable)

INCOME INFORMATION (for self-employed people)

*_____All of the above where applicable

*_____A signed financial statement showing a year-to-date profit and loss statement

*_____Signed tax returns (federal and state) with all schedules for the last two years

*_____W-2 or 1099 forms

*_____Corporate tax returns (if applicable)

REAL ESTATE

*_____Copies of current leases and two years tax returns for all rental properties

*_____Market value estimate and debt for current home and other owned property

*_____Provide a list of all owned real estate. If you own a property free and clear, please show proof that there are no outstanding liens. If property is in the process of being sold, provide copy of sales contract

*_____Name, address, phone numbers and account numbers for all banks and investment accounts (credit unions, 401K)

*_____Copies of any notes receivable

*_____Proof of the value of other exceptional household goods (if to be considered)

*_____Last three months statements: stocks, bonds, mutual funds and bank accounts

*_____Owner’s title to autos and boats (if owned free and clear)

*_____List of life insurance policies and their cash values

*_____Cash interest in vested retirement funds, Roth funds, 401K

LIABILITIES

*_____Name and account numbers for all revolving charge cards and balances owed

*_____Name, address, phone number and account number for all installment debts

*_____Alimony or child support required payments

*_____Name, address, phone number and account number for all accounts recently paid off

Your loan representative MAY give you an “approximate” date when your loan will be approved. This is a just an educated guess and does not mean that the loan will positively be approved at that time. Loan approval depends on many variables. Please be patient. Your loan officer cannot control, be responsible for or guarantee an exact approval date.

While we try to help as much as possible, we do not control the credit underwriting process of any mortgage lender. We encourage your active cooperation with your loan officer in providing information when requested so that the process can proceed as smoothly as possible. Remember, your mortgage lender’s only function is to help you obtain a loan. They are on your side!

In some instances, you may be asked by your lender to write a letter regarding your assets, income or credit. This letter is usually written in order to explain a discrepancy that they have noted. This allows your mortgage company to better assist you in obtaining your financing. If you receive such a request, please comply in a timely manner so as not to hold up the discovery process.

During the Loan Application appointment or very soon thereafter, you will be asked to review and sign disclosure statements. They are the Estimated Federal Truth-in-Lending Disclosure Statement and the Good Faith of Settlement Costs Statement. Both of these statements provide you with estimates of charges in the loan transaction based on the information available at the time of application. The language in these two documents can be technical.