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Blog, Documentation, The Loan Process

Loan Application Checklist

November 30, 2009 by Rob Spring · Leave a Comment 

Loan Application Checklist

In general, the documentation you will need for a “FULL DOC” loan:

 

 (Download a copy of this list in PDF Format)

Documents needed for a Full Doc Mortgage- PDF.pdf
Property Information (if you already have a contract on a house)
  Purchase Agreement (signed by all parties).
  Copy of legal description and MLS sheet.
  If you are selling your current home, copy of listing contract.
  If you have sold your current home, copy of the settlement statement.
Income & Assets
  Pay stubs for the last 30 days.

 

 For the past two years:

 

 

 Names, addresses and phone #’s of each employer.

 

 W-2s
  Statements for each bank, mutual fund, and/or investment account for the last three months.
  Estimated value of personal property and furniture.
  If you have made any large deposits to your accounts:

 

 

 Explanation and source for deposit.

 

 If large deposit was a gift:
 

 

 Signed gift letter (lender can supply).

 

 Copy of gift check.

 

 Copy of deposit receipt.

 

 If you own more than 25% of a business:

 

 

 Corporate or partnership tax returns.

 

 If self-employed:

 

 

 Tax returns for the last three years (with schedules).

 

 Year-to-Date Profit and Loss Statement prepared by an accountant.

 

 If you own rental property:

 

 

 Tax returns for the last two years and current rental agreements.

 

 If you are retired:

 

 

 Pension Award Letter.

 

 If you receive Social Security:

 

 

 Social Security Award Letter.

 

 If you are counting child support as income:

 

 

 Copy of divorce settlement.

 

 Proof of reciept of the child support for the past 3 months.
Debts
   
  A Letter of Explanation of credit report anomalies, including:

(We will help you with these)

 

 

 Late payments, credit inquiries in the last 90 days, charge-offs, collections, judgments and/or liens.

 

 Bankruptcy filed within last seven years (bring a copy of your bankruptcy papers).
VA Loans
  Copy of DD Form 214, Report of Separation.
Miscellaneous
  Photo ID and proof of Social Security number.
  Residence addresses for the past two years.
  If applicable, a copy of your divorce decree.

 

 If you are not a citizen, a copy of the front and back of your green card.
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