Information Needed for Loan Application

Here is a list of the information mortgage lenders generally will need to get from you in order to prepare a file for underwriter consideration and approval.

 

FOR ALL LOANS

 

Valid Government issued ID, typically this would be your Drivers License. Most Lenders now also want a picture of your Social Security Card, for all borrowers.

 

Employment History:

For at least the last two years, dates employment started and in the case of previous employment, the date you left the company. The company's address and your salaries.

W-2 forms for the last two tax years and at least one full month of your most recent pay stubs.

 

Checking and Savings Accounts and Certificates of Deposit

Location of bank accounts, account numbers and balances;
Address of bank and at least you last two months' statements. All pages, including that last page that is used for reconciling your account.

 

Stocks, Bonds, and Investment Accounts
Broker's name and address, description of stocks, bonds, etc.
Last two months' statements, or if quarterly, the last two statements

 

Life Insurance Policies (rarely needed, except for certain Self-employed borrowers)
Insurance company, policy number, face amount, cash value, if any

 

Retirement Plan. Your 401k (or similar), IRA or other vested retirement funds you could access in an extreme emergency. These funds are considered "Reserve Funds"
Copies of your latest statement is usually required

 

Automobiles

Make and model of automobiles, their estimated resale value

 

Other Assets
Market value of personal and household property

Liabilities and Other Non-Mortgage Debt

Creditors names, addresses, account numbers
Monthly payments and balances

 

Other income information you may need

 

If you're self-employed
Two years tax returns, profit and loss statements, both company and personal if separate.
Current balance sheet and profit and loss statement if more than two months into the new fiscal year, signed by CPA*.

 

If you have income from:

-Commission
-Overtime
-Bonus
-Partnership
-Rental Property
-Trust
-Notes Receivable
-Interest/Dividends
-You'll need two years' personal federal tax returns*.

 

If employed in family business

A signed copy of your personal federal income tax returns and all schedules for the past two years*.

 

If divorced or separated
Complete executed divorce decree and settlement agreement
Payment history of alimony/child support over the past 12 months, if it is a financial obligation.
If you choose to have this be considered as part of your income (you don't have to), be prepared to provide 12 months canceled checks or bank statements reflecting income deposits.

 

*All tax returns pages that were submitted to the IRS should be included in the package you submit to us AND you will be required to sign each place you are required to sign when filing your return.

 

If you own real estate

 

Name and address of all mortgage lenders for the past 24 months, account numbers, monthly payments and balances

If you've sold your home but escrow has not yet closed:
A copy of the sales contract

If you've sold your home and escrow has closed, and you will use the proceeds for part or all your new down payment:
A copy of the HUD-1 Uniform Settlement Statement

 

If you rent

 

Name, address and phone number of landlord(s) for the past 24 months

 

If you're buying a home

 

Purchase sales contract or offer to purchase and all addenda
Furnish contract with original signatures of buyer and seller

 

If a source of your down payment is a gift:
Name, address and relationship of donor.
Gift funds will be verified in both the donor and recipient's accounts.
Note: Not all loan programs allow gifts to be part of your down payment.

 

For VA Financing

DD214 and Certificate of Eligibility

For Construction/Perm Loan
Signed construction with cost breakdown, builder plan and specifications