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.

PROPERTY INFORMATION (if you already have a house)

oPurchase agreement

oIf 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)

INCOME AND ASSETS

oPay stubs for the last 30 days – most recent

For the last two years:

oNames and addresses of each employer – for full two years

oW-2s / 1099s

oStatements 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:

oExplanation and source for deposit

If large deposit was a gift:

oSigned gift letter (lender can supply)

oCopy of gift check

oCopy of deposit receipt

If you own more than 25% of a business:

oCorporate or partnership tax returns

oPersonal tax returns (all schedules)

If you own rental property:

oTax returns (all schedules) for the last two years and current rental agreements

oYear-to-date Profit and Loss

Retired, Disabled, Social Security:

oPension Award Letter

oSocial Security Award Letter

oDisability – provide proof of three year continuance

If you are counting child support as income:

oCopy of divorce settlement or child support order

oCopy of child birth certificate

oProof that money has been received for the last 12 months

Explanation of credit report anomalies, including:

oLate payments, charge-off collections, judgments, and/or liens

oBankruptcy filed within last seven years (bring a copy of your bankruptcy papers)

oIf renting, need landlord name and phone number

oInquiry letter

VA LOANS

oCopy of Form DD-214, Report of Separation

MISCELLANEOUS

oPhoto ID and proof of Social Security Number

oResidence 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

oName and number for home owners insurance

oDisclosures

Comments

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