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

The Naked Truth About Home Buying

It’s highly likely I’ve already written about this, but I’ll try to make it entertaining at least.   There’s a guy who works in ou r office who suffers from kidney stones – and from what he’s described, “suffers” might even be a little too tame a word for it.   As an aside, though, when you ask him how painful the experience is, he gets an odd smile and says, “It’s the most intense pain I’ve ever experienced, but it’s hard to describe.   I’ve heard a lot of people compare it to the pain a woman experiences while giving birth.   To that, I must say, those people are big, fat liars!   I’ve been in the presence of a woman giving birth, twice, and her pain has to be 100 times worse.   They’re passing the equivalent of a Buick.   I’m passing a pumpkin seed.”   He’s always been a colorful fellow. He’s had this wonderful condition for over a decade now, and the stones make their appearance about every 18 months or so.   Up until recently, ...
Post a Comment
Read more

Saving Money is Music to Your Ears (Posted January 9, 2017)

For all the “old” people out there, you’ll instantly know the name Daryl Hall.   For those of you who are still on your original set of adult teeth (perhaps because you got your braces off fairly recently), Daryl Hall is a musician (the blonde half of the duo Hall & Oates – the one who DIDN’T have a mustache that looked like it was straight out of an ’ 80s adult film) with a number of albums (albums a re these big, black 12-inch vinyl “platters” that look like a pregnant CD) that have been certified as gold/platinum and hit songs to his credit, some of which he recorded himself and some he wrote for others.   Going back to 2007, he started a show on the internet called Live from Daryl’s House ; in 2011, he took it to cable where it currently airs.   The concept is relatively simple: he has musicians from all genres and eras come to his house to jam with him and his band.   In between songs, they talk about music and memories, and they usually end up eatin...
Post a Comment
Read more

Showcase Showdown (Posted October 17, 2016)

The game show “The Price is Right” – the show where 95% of what they give away is total garbage (fireproof bathmats in the shape of Ecuador, really?) – is probably each child’s first exercise in trying to guess how much something costs.   Admit it, you sat glued to the TV set either screaming at the screen so the contestant could hear you or you were sending out vibes telepathically – either way, you KNEW you were the BEST price guesser in the world . . .   until the very moment the model would reveal the real price of $732 for a set of salad tongs made of Lucite and cubic zirconia (your bid was $17, and you thought THAT was probably a little high).   But that didn’t stop you because here comes that toaster oven that doubles as a brief case – how could anyone put a price on THAT? A recent study published in the Journal of Housing Research (just let the sheer coolness of that name wash over you for a few moments) concerning pricing was interesting.   The r...
Post a Comment
Read more