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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

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