Make no mistake, there’s a lot involved in getting a mortgage loan. You wouldn’t be here on our website if you could fill out a one-page application and get the best loan for you funded the same day.

Use this checklist as general guideline to assist you when you apply for a home loan.

 

Mortgage Loan Application Checklist In general, the documentation you will need includes: Check for application fee Property Information (if you already have a contract on a house) Purchase Contract. (Regional Sales contract & Addendums) Copy of legal description (Public Records) and MLS sheet. If you are selling your current home, copy of listing contract. If you have sold your current home, copy of settlement statement (HUD-1). Income & Assets Pay stubs for the last 30 days. For the past two years: Names and addresses 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. Copy of twelve months of cancelled child support checks. Debts Names, addresses, account numbers, balances and monthly payments on all current loans. Explanation of credit report anomalies, including: 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.

 

Hopefully, this checklist can assist you with gathering the necessary information you need for your loan application and help make the mortgage process smoother for you.

Nance & Associates, Realtors would be happy to assist you with you home buying process.

Our Real estate Agency has been helping home buyer and sellers in the Fredericksburg VA Area since 2002.

 

• Category: Loan Process
• Tag: A Loan, Application Checklist, Application Fees, Apply For A Loan, Assist Home, Current Loan, Full Documentation Loan, Loan Application, Loans, Mortgage Loan, Mortgage Loan Application Checklist, Social Security, Tax Return, Va Loan