Jan

1

The Loan Process

Filed Under mortgage 

Here is a list of the information mortgage lenders will use to consider your loan application.

If you rent Name, address and phone number of landlords for the past 24 months

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 not closed: A copy of the sales contract If you’ve sold your home, closed, and you will use the proceeds for your new down payment: A copy of the HUD-1 Uniform Settlement Statement

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 FHA Financing Evidence of Social Security Number and photo identification For VA FinancingDD214 and Certificate of Eligibility For Construction/Perm Loan Signed construction with cost breakdown, builder plan and specifications

For all loans Social Security Number, for borrower and co-borrower if any Employment History For the last two years, employment dates, addresses, salary. Current pay stubs or W-2 forms. Check and Savings Accounts and Certificates of Deposit Location of bank accounts, account numbers and balances; Address of bank if out of town Last 3 months’ statements Stocks, Bonds, and Investment Accounts Broker’s name and address, description of stocks, bonds, etc. Last 3 months’ statements or copies of stock certificates Life Insurance Policies Insurance company, policy number, face amount, cash value, if any Retirement Plan Approximate vested interest value Copy of latest statement Automobiles Make and model of automobiles, their 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 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.

Is your rate too high? If you're looking to compare mortgage rates or to get a rate quote on a FHA loan start here


File this under: , , , , , , , ,

Related posts

RELATED SEARCHES:

, , , ,

RELATED TAGS:

, , , ,

Comments

Leave a Reply