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To help your loan
process be efficient and expedient, we are providing you with the following
checklist of information to bring to your loan application. Copies of your
documents will be made by our staff at the time of application....we'll
input the information for you and e-mail it for approval. We can have
final approvals within 4 hours on many occasions!!!
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Typical Documents needed for a QUICK
Loan Applications:
....PLEASE provide
the items below at the time of your loan application.
Contract (if buying a
new or used home)
A copy of your sales contract
Employment
Most recent original pay stubs covering the past 30 days with YTD totals
W2 forms from ALL employers for the past year (full-time and
part-time)
Bank Accounts and Other
Assets (must be the most recent statements)
Checking Accounts
Savings Accounts
Investment, Stock or Bond Accounts
Retirement or Employer Accounts on your behalf
Cash Value of Life Insurance
List of all
Creditors and Installment loans
(Include addresses, account numbers, minimum payments, and amount unpaid)
Auto Loans
Credit Cards
Installment Loans
Bank Loans
Student Loans
IRS tax workouts
Judgments
Legal Suit workouts
Bankruptcy Information
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Expanded
Information needed for special
situations:
Contract (if
buying a new or used home)
A copy of your sales contract
If you don't have a sales contract yet, a copy of your Prequalification
Worksheet (we do this)
If there's a contingency of your house selling, bring that sales contract
and closing statement and/or listing
If buying an investment property, bring an executed lease or pre-lease
agreement
If you desire a rural property with over 5 and under 20 acres, let us know
for special instructions
Residences
Addresses for the past 2 years (include name, address and phone numbers
for Landlords if renting)
Employment
Names addresses and phones for ALL employers for the past 2 years
Most recent original pay stubs covering the past 30 days (must show year to
date figures)
W2 forms from ALL employers for the past 2 years (full-time and part-time)
Signed and dated 1040 Federal Tax Returns (personal and entity) for the past
2 years. ONLY needed IF:
Self Employed, OR
Depending on income from bonuses, part-time work, commissions, rental
properties, OR
Own 25% or more of a corporation, limited liability company or partnership
Year-to-Date Profit and Loss Statement. ONLY if self-employed or own
more than 25% of the corporation
Year-to-Date Balance Sheet. ONLY if self-employed or own more than
25% of the corporation
Document and explain other income (if depending on income to qualify):
Child Support - Divorce decree, evidence payments received for past 12 mos,
verify 3 yrs continuance
Alimony - Divorce decree, evidence payments received for past 12 mos, verify
3 years continuance
Retirement - Award Letter, copy of recent check or bank statement, 1099 or
1040 past 2 years
Social Security - Award Letter, copy of recent check or bank statement, 1099
or 1040 past 2 years
Stock Dividends - 12 month average, 1099 or 1040 for past 2 years, YTD
statement for total
Part-time Employment - 24 month history, verify continuance - employer
letter, 1099 or 1040 past 2 years
Oil/Gas Dividends - 12 month average, 1099 or 1040 for past 2 years, YTD
statement for total
Disability - Award Letter, copy of recent check or bank statement, 1099 or
1040 past 2 years
Overtime - 24 month history, verify continuance - employer letter, 1099 or
1040 past 2 years
Commissions - 24 month history, document employer reimbursed expenses, 1099
or 1040 past 2 years
Bonuses - 24 month history, verify continuance - employer letter, 1099 or
1040 past 2 years
Rental Income - fully executed lease (75% of income offsets mortgage payment
on rental)
Other Information
Copy of fully executed divorce decree, if applicable
Ages of the Borrower and Co-Borrower
Number of children and their ages for the Borrower and Co-Borrower
Years of Schooling of the Borrower and Co-Borrower
Information of all Real Estate owned: Mortgages on all real estate owned
Fully executed lease agreements on all real estate owned
Estimated Replacement Values on the following:
Household Goods, Personal Items, Vehicles
Gifts for funds ( if needed for closing) - Executed letter confirming the
gift with a statement that the gift need not be repaid
Gift verification - copy of the check, copy of the deposit and bank printout
verifying balance after deposit
Copy of donors bank statement showing donor has/had the ability to gift said
funds
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