The Loan Application: What information will be needed for the application (and how it's kept private)
Anything you submit to a mortgage broker or loan officer is kept private by law and they never share it with anyone except by permission. Once you are ready to move forward with finding a loan, the loan officer or broker will use that information to present to mortgage lenders to help find the best loan for you. In turn, those mortgage lenders are bound by federal law to keep your information secure.
Here is a list of the information mortgage lenders will use to consider your loan application.
For All Loans They Will Need:
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.
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
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
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
Insurance company, policy number, face amount, cash value, if any
Retirement Plan
Approximate vested interest value
Copy of latest statement
Approximate vested interest value
Copy of latest statement
Automobiles
Make and model of automobiles, their resale value
Make and model of automobiles, their resale value
Other Assets
Market value of personal and household property
Market value of personal and household property
Liabilities and Other Non-Mortgage Debt
Creditors names, addresses, account numbers
Monthly payments and balances
Creditors names, addresses, account numbers
Monthly payments and balances
**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.
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
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
Personal federal income tax returns and all schedules for the past two years
**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.
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 are a renter
Name, address and phone number of landlords for the past 24 months.
**If you own a home
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
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
A copy of the HUD-1 Uniform Settlement Statement
**If you are purchasing a home
Purchase sales contract or offer to purchase and all addenda
Furnish contract with original signatures of buyer and seller
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.
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 FHA Financing
Evidence of Social Security Number and photo identification
Evidence of Social Security Number and photo identification
*For VA Financing
DD214 and Certificate of Eligibility
DD214 and Certificate of Eligibility
*For Construction/Perm Loan
Signed construction with cost breakdown, builder plan and specifications
Signed construction with cost breakdown, builder plan and specifications
