Loan Application Checklist
Income:
If salaried: Gross monthly income, year to date earnings (last 2 pay
stubs), length of employment at present earnings level.
If commission income: Signed tax returns for previous 2 years, year to date pay stub.
If self-employed: If you draw a salary from the business, just your personal records, signed tax returns for previous 2 years including all schedules, year to date pay stubs or 2 years W-2s.
If your income is derived from the profits of the business: Signed corporate or partnership tax returns for past 2 years, corporate financial statement, profit and loss statement for income to date.
If part-time or overtime: Last full calendar year earnings stub, year to date earnings stub.
Social Security Number(s): from both borrower and CO-borrower.
Residences(s): Full mailing addresses for the past 2 years. If renting - name, phone number, and mailing address of landlord(s) and amount of monthly rent.
Employment: Supply the following information for all jobs held within last 5 years. Name of company(ies), full mailing address(es), phone number(s), position held, salary, dates of employment, explanation of gaps.
Mortgages(s): Name and full mailing address of mortgage company, mortgage loan number(s), estimated loan balance and equity, any previous mortgage within past 2 years.
Bank Acounts(s): Name and full address of bank(s), checking and savings account number(s), style of account(s) - joint, individual, approximate balances of each account, copies of last 2 bank statements all accounts.
Outstanding Loans: Include credit unions, finance companies, student and personal loans, etc.: Name and address of institution(s), loan number(s), type loan(s), approximate balance(s), monthly payment(s).
Credit Card Accounts: Include local accounts, Visa, MC, Sears, Student Loans, etc., (gas cards and American Express are not required.): name of card(s) and account numbers, name of bank issuing card(s) and full mailing address(es), approximate balance(s), monthly payment(s).
Other Assets: Whole-life insurance (cash value), stocks and bonds (type, number of shares and current value), dividend and interest income, royalties, oil income, real estate and rental income (other than home).
Gift Letters: Letter from donor stating the gift is not to be repaid (provided by Lender), donor's source of funds must be verified.
Funds at Application: A check payable to lender for the appraisal and credit report may be required to accompany the loan application. The amount is between $335 and $400 and is nonrefundable if services have been performed.
Government Loans: FHA: Legible copy of driver's license and social security card; VA: Original Certificate of Eligibility, copy of DD-214.
To Complete Processing the Following Must be Completed: Signed loan application and disclosure statements, signed sales contract.
Loan Approval: Requires written verification of all debts and income.
Shortly before Closing: Copies of your most current pay stubs and your credit report will again be pulled to verify you have not incurred, nor inquired about, any new debt.
At Closing: A one year Hazard Insurance Policy and paid receipt will be needed before your loan can fund.
Funds needed to close must be certified. Have a certified check drawn payable to you for the estimated balance needed.
