Loan Application Information Check List

We all like to be prepared, so here’s a checklist to help you out.

Loan Application Necessities

Your first step will be to apply for a mortgage application, which is required by federal law. That application can be found here: federally required mortgage application. After that, you’ll need the following to apply for a loan:

  • Personal information like Social Security number, phone number, full name, and birthdate
  • History of residence for two years or more
  • Marital status, number of children and the individual ages of those children
  • Rent payment, if you are a renter
  • Mortgage information, if you are an owner
  • Detailed employment history for two years or more
  • Income history for two years or more
  • Bank account balances for all accounts
  • Bankruptcy, foreclosure, lawsuit, and loan history
  • Any and all information on where your down payment is coming from

Loan Documentation Necessities

The next step in our process is to verify the information you provide when applying. This process differs from lender to lender. Usually, you’ll need all of the following that apply to you:

  • Authorization for your lender to run a credit check
  • Discharge papers if you’ve had a bankruptcy
  • Letters explaining any issues or derogatory marks on your credit
  • Renters with private landlords will need 12 months of canceled rent checks or bank statements.
  • Renters with institutional landlords will need confirmation of rent payment, provided by the institution
  • If you are a landlord to an existing home, you will need a closed listing agreement
  • 30 days of pay stubs
  • Income documentation for rental properties
  • Personal federal tax documentation
  • Business federal tax documentation
  • Year to date loss and profit statement for business
  • All W2 forms dating back two years
  • Gift letters, if you are receiving money for a down payment as a gift
  • All bank account statements for past two months
  • Divorce decree

 

If you have any further questions, please do not hesitate to contact us.