Necessary Documentation

Steps to a Perfect Loan Application

Most lending institutions require confidential information that you may not have at hand when making a mortgage loan application. To hasten the process of loan approval, you will want to bring the following with you:

• A copy of the SALES CONTRACT, signed by all parties.
• A deposit for credit report and appraisal fees will be required.
• Social Security number for all applicants.
• Checking account numbers and addresses of banks.
• Savings account numbers and addresses of same.
• Mutual fund account numbers and addresses.
• Gift letter for any money received from relatives to purchase home and placed in checking/savings account.
• Serial numbers and face values of any US Savings Bonds and other Stocks.
• Copy of current thrift plan, provident fund, or retirement benefits which your company has. If statement is not available, provide address and account number of same. Include IRA and/or Keogh data.
• Credit card references including account numbers, balances, etc.
• A list of any debts you have which have a balance. The name of the creditor, their addresses, telephone number, account numbers, the monthly payment, and balance should be documented.
• A list of assets including cars, furniture and estimate of value.
• Name and address of employer(s) for the last two years. Latest earnings statement or pay voucher.
• If overtime is substantial part of gross income, provide W-2 forms for the last two years. Commission sales usually require two years tax returns.
• If you are self-employed, tax returns for the last two years will be required, plus profit and loss statements and balance sheets for the year to date earnings.
• If you are getting a VA loan, your certificate of eligibility, if you have one; or you will need a STATEMENT OF SERVICE (DF 2496) or DISCHARGE PAPER (DD214). If you are currently in the military, you will need a DD 1747 (permission to live off post).
• If you're presently a member of any military reserve unit, give address.
• If you presently own or have owned a home in the last three years, the name and address of the mortgage company or lending institution, the mortgage loan number and balance.
• If you are obtaining your equity from the sale of your previous residence, a copy of your closing statement is required.
• If you are a landlord, bring a copy of your tenant's lease(s) with you to substantiate income derived.
• Any divorce papers and property settlements where property was involved in a divorce. If alimony or child support is being used as income to qualify for a loan, provide proof of amounts received. This is either by copies of canceled checks, military allotments or if paid through the court.
• Any bankruptcy judgment papers. Copies of discharge and original papers filed.