Premier Nationwide Lending » Loan Documentation

Loan Application Checklist

Rob Spring — Mon, 30 Nov 2009 08:00:22 +0000

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.

Reduced Documentation Loans

Rob Spring — Mon, 23 Nov 2009 22:03:42 +0000

For all Reduced or Low Documentation loans

Social Security Number, for borrower and co-borrower if any

Employment History
For the last two years, employment dates, addresses, “stated” salary
(income must be deemed “reasonable” by the underwriter)

Liabilities and Other Non-Mortgage Debt
Creditors names, addresses, account numbers
Monthly payments and balances

Other income information you may need

If you’re self-employed
A letter signed by your CPA, indicating what type of work you do, how long you have been doing it and to their knowledge how long you have been self-employed

If divorced or separated
Complete executed divorce decree and settlement agreement
Payment history of alimony/child support over the past 12 months, if it is a financial obligation.
If you choose to have this be considered as part of your income (you don’t have to), be prepared to provide 12 months canceled checks or bank statements reflecting income deposits.

If you own real estate

Name and address of all mortgage lenders for the past 24 months, account numbers, monthly payments and balances

If you’ve sold your home but not closed:
A copy of the sales contract

If you’ve sold your home, closed, and you will use the proceeds for your new down payment:
A copy of the HUD-1 Uniform Settlement Statement

If you rent

Name, address and phone number of landlords for the past 24 months

If you’re buying a home

Purchase sales contract or offer to purchase and all addenda
Furnish contract with original signatures of buyer and seller

If a source of your down payment is a gift:
Name, address and relationship of donor.
Gift funds will be verified in both the donor and recipient’s accounts.
Note: Not all loan programs allow gifts to be part of your down payment.

For Identity Verification
Evidence of Social Security Number and photo identification

For VA Financing
DD214 and Certificate of Eligibility

For Construction/Perm Loan
Signed construction with cost breakdown, builder plan and specifications

What Documentation Will I Need for My Loan?

Rob Spring — Mon, 23 Nov 2009 18:00:05 +0000

For all Full/Alt Documentation Loans (an overwhelming majority of loans)

Social Security Number, for borrower and co-borrower if any

Employment History
For the last two years, employment dates, addresses, salary.
Current pay stubs or W-2 forms.

Check and Savings Accounts and Certificates of Deposit
Location of bank accounts, account numbers and balances;
Address of bank if out of town
Last 3 months’ statements

Stocks, Bonds, and Investment Accounts
Broker’s name and address, description of stocks, bonds, etc.
Last 3 months’ statements or copies of stock certificates

Life Insurance Policies
Insurance company, policy number, face amount, cash value, if any

Retirement Plan
Approximate vested interest value
Copy of latest statement

Automobiles
Make and model of automobiles, their resale value

Other Assets
Market value of personal and household property

Liabilities and Other Non-Mortgage Debt
Creditors names, addresses, account numbers
Monthly payments and balances

Other income information you may need

If you’re self-employed
Two years tax returns, profit and loss statements, both company and personal if separate.
Current balance sheet and profit and loss statement if more than two months into the new fiscal year, signed by CPA.

If you have income from:
Commission
Overtime
Bonus
Partnership
Rental Property
Trust
Notes Receivable
Interest/Dividends
You’ll need two years’ personal federal tax returns

If employed in family business
Personal federal income tax returns and all schedules for the past two years

If you own real estate

Name and address of all mortgage lenders for the past 24 months, account numbers, monthly payments and balances

If you’ve sold your home but not closed:
A copy of the sales contract

If you’ve sold your home, closed, and you will use the proceeds for your new down payment:
A copy of the HUD-1 Uniform Settlement Statement

If you rent

Name, address and phone number of landlords for the past 24 months

If you’re buying a home

Purchase sales contract or offer to purchase and all addenda
Furnish contract with original signatures of buyer and seller

For FHA Financing
Evidence of Social Security Number and photo identification

For VA Financing
DD214 and Certificate of Eligibility

For Construction/Perm Loan
Signed construction with cost breakdown, builder plan and specifications