Back to A Complete Mortgage Guide for Home Buyers presented by loan officer Rock Vaughan
What do you need to apply for a loan? Print out this complete checklist of everything your loan officer needs to help you save time, avoid delays and get to the closing table faster.
Got it?	Items Required for Loan Application
	Copy of purchase sales contract Or offer to purchase and all addenda, signed by the buyer and seller.
	Property information listing sheet Or multiple listing service sheet.
	W2 forms From the previous two years.
	Pay stubs From the most recent month.
	Employment history Name and address of employer(s) for the last two years, dates of employment and income. Explanation of recent gaps in employment, if one month or longer.
	Social security number(s) For both borrower and co-borrower(s).
	Bank statements for checking and savings accounts From the past three months, including names, addresses, account numbers and balances of depository institutions (banks, credit unions and savings banks). All pages of all statements are needed, even if blank.
	Credit information For each open credit card account, provide the creditor name, address, account number, payment amount, current balance, letter of explanation included for any credit problems.
	Tax returns Previous two years' personal federal income tax returns and all schedules if you're: self-employed; employed in a family business; a tradesman; receiving all or a large part of income from bonus, commission, partnership or trust income; own rental property; have income from an otherwise non-verifiable source, such as corporate ownership, installment sales and tips.
	Stocks, bonds and investment accounts If these are being used for your house purchase, you must supply the name and address of broker and previous three months' statements or copies of the stock certificates. A list of serial numbers and issue dates may be acceptable for verifying bonds. All pages of all statements are needed, even if blank.
	IRA/Retirement plan Approximate value of vested interest and copy of most recent statement.
	Life insurance policies Name of insurance company, policy number, face amount and approximate cash value of each policy.
	Automobiles owned Make and year of each automobile owned and current market value (evidence of clear title may be required if owned free and clear).
	Construction loan Signed construction contract with cost breakdown and builder plans.
	Gift letters If part of your down payment or closing costs is from a gift, a signed letter is needed from the donor to verify that the borrower is not required to repay the funds. This is a form letter that will be provided. Always talk to your lender prior to the movement of gift funds.
	Other income Documentation of the income received for the past 12 months if such income is used to qualify (for example, interest or dividend income).
And, if you are:
	Renting You need landlord's name, address and phone number and/or previous 12-month rental payment history (canceled checks and rent receipts are acceptable).
	Self-employed You need previous two years' and current year-to-date Profit and Loss Statement and Balance Sheet.
	Divorced or separated You need a copy of divorce decree or maintenance agreement, along with any amendments and a 12-month payment history of alimony/child support payments, if payments are provided or received and are needed to qualify. You must provide either check stubs or copies of both the front and back of the checks.
	A student If you do not have two years of employment history due to attending school, then school transcripts or diploma will be needed.
	The owner of rental properties You need to provide Federal tax returns (signed), along with a schedule of all real estate owned and the account number and address of the mortgage company that holds the properties. In addition, if the real estate owned is: currently rented Provide a copy of the current lease or rental agreement. listed for sale Provide a copy of the listing agreement. sold, but not closed Provide a copy of the sales contract and escrow number. sold, closed and proceeds will be used for down payment Provide a copy of the HUD-1 Uniform Settlement Statement.
	Affordable housing Loans underwritten using liberalized guidelines under affordable housing programs may require counseling certificate or inspection certificate (or equivalent).
Back to A Complete Mortgage Guide for Home Buyers presented by loan officer Rock Vaughan
©Copyright 1998-2008 Rock Vaughan Contact Rock Vaughan: E-mail rock@homemortgageguide.com Office 301/267-8210 or 1-888-267-8765 Fax 410/267-6221 Mobile 301/466-1122 An Equal Opportunity Lender http://www.homemortgageguide.com Design and development by Bean Creative