Skip to main content

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

Post a Comment

Popular posts from this blog

Numbers Don't Lie, But Wherein Lies the Truth? (Posted November 21, 2016)

Said with enough conviction, you can make almost anything sound true.   Preface the fabrication with “according to a recent bi-partisan government study,” and you’re three quarters of the way to selling the lie to a lot of people.   Seriously, try this. The next time you’re at a dinner party or having coffee with friends, pepper this little tidbit into the conversation: “I read something really interesting the other day.   According to a recent bi-partisan government study – I think it took them three years to get it all done – middle-aged men who drive either a Toyota Camry or a Honda Odyssey have more testosterone than younger men who drive either a Ford F150 or a Dodge Charger.”   You’ll get some raised eyebrows and looks of mild disbelief, but don’t let that deter you.   Just lift up your hands, palms outward, and say, “I just think it’s interesting, and it makes sense when you think about it” – and then change the subject to something completely u...
Post a Comment
Read more

Dumb as (or Smart as) a Box of Rocks (Posted June 27, 2016)

Obviously, you all want to know what Brexit means to the economy and the housing market specifically.   So do I!   But since my crystal ball is at the cleaner’s, let’s give the Brits and the European Union a little time to work out the terms of their separation and look at something else.   What’s a “fad ”?   With the help of Google, this is what I got as a definition: “an intense and widely shared enthusiasm for something, especially one that is short-lived and without basis in the object's qualities; a craze.” In April 1975, an advertising executive by the name of Gary Dahl invented the Pet Rock.   The idea came from his sitting in a bar with some friends who were complaining about the cost and time required to take care of various types of pets.   He marketed his “pets” by placing a rock in a box cut and shaped like one you would get at the pet store to carry home a puppy or a kitten.   Along with the box and the rock, a booklet was included...
Post a Comment
Read more

Left Behind (Posted April 4, 2016)

It’s highly likely that almost every single one of you already read the Yahoo! Finance article about the survey that Chase recently completed.   For the seven people who decided to take a nap under a rock last week, I’m going to share some of the major talking points here – the rest of you can step away and have an ice cream or paint your cat’s toenails.   First off, the survey shows that an ALARMING 68% of Americans are starting the home search on their own (gasp!) with 45% using a computer or laptop (as opposed to some other type of technologically advanced processor like a microwave oven) as the first step in this search and 13% using their mobile devices.   (In other related news from the Department of the Obvious, scientists have found that fish still have no use of a bicycle and looking directly at the sun is inadvisable.)   With numbers like these, we should just throw in the towel and join the circus, right?   Here’s the weird thing: in the ...
Post a Comment
Read more