The timely processing of a mortgage loan application relies on the
completeness and accuracy of the information you provide. This is a
checklist to assist you in compiling the necessary information.
___ Full name(s) and copy of Social Security Card(s) and Driver’s
License of those who name(s) will be on the loan and contract for
purchase.
___ Address(es) which you lived for last two years.
___ Copy of Current Mortgage Statement
___ Current Interest rate if not on the statement?
___ Current balance owed on loan if not on the statement?
___ What year did you purchase your home and what was the purchase price?
___ Where improvements made to your home (pool, new kitchen or baths)?
If so how much did you spend on the improvements?
___ What is the approximate value of your home at this time?
___ Do you escrow (the bank pay your taxes and insurance)?
___ Complete Employment information for past two years, contact
information for employer, previous employers, and positions held. Letters
of explanation for employment gaps over 30 days.
___ Paycheck stubs for last 30 days, last two years of all W-2’s.
___ If self-employed or paid by bonuses or overtime, last
two years of tax returns. The adjusted gross income on line 37 of the
1040 IRS Tax Form will be added
together from those two years of tax returns and divided by 24 months
to determine your eligible monthly income.
___ List of real estate owned. Vacation properties, Investment properties, Commercial properties, etc..
___ Describe and provide proof of additional income; Social Security, Child Support, Notes receivable, etc.
___ Bank, Credit Union, and any other Financial
Institutions statements for last 60 days. (All pages of Statements.) We
will need letter of explanation on any deposit that is not a part of your
reported income.
___ Address of property you are purchasing or where you are looking for a home.
___ It is suggested you review your credit and credit
scores. Credit scores minimums vary based on loan program. Your total
debt to income ratio, which would
include the proposed house note should be at 41% of your gross income.
___ Bankruptcies – Conventional loans must be discharged 4 years, FHA loans must be discharged 2 years.
___ Foreclosures – Conventional loans must be 5 years, FHA loans must be 3 years
___ VA loans need a Certificate of Eligibility
This checklist is intended to help you supply as much
information as possible at the time of the loan application. Additional
information is often required to clarify and explain. You anticipated
cooperation is appreciated. Please call my cell, 409-350-9317 or via e-mail at RoyWest@gmail.com, with any
questions.
