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Once you have requested your prequalification
on-line and are ready to apply for a specific
loan, it's a good idea to start gathering up the
following information. You will need to submit
this information to your loan officer in order
to continue the loan process.
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Last year's W-2 form.
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Signed and dated Federal Tax Returns
(1040's) from the last year, including
all schedules.
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Most recent pay stubs for each borrower.
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A copy of your most recent mortgage
statement (if available).
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A copy of the Purchase Contract (if
applicable).
If you are self-employed:
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Last year's signed and dated tax return,
including all schedules, a year-to-date
Profit and Loss (P&L) Statement
that is less than 60 days old, and a
current signed Balance Sheet.
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If you're part of a corporation or
partnership, provide last year's tax
return for corporation/partnership including
form K-1, a year-to-date Profit and
Loss (P&L) Statement (less than
sixty days old), and a current signed
Balance Sheet.
Depending on your individual
situation, you may also have to supply some
additional information. Read over this list
below and see if any of it applies to you.
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If your down payment includes a cash
gift from a friend or relative, you
need a copy of the check or wire transfer
showing the donor's name and account
number, plus a copy of the deposit into
your bank account. (This applies only
to home purchase loans.)
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If you receive a Social Security pension
or annuity, provide a copy of the awards
letter and a copy of a recent benefit
check.
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If you own other real estate, provide
a lease/rental agreement if applicable,
and copies of property tax and insurance
bills.
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If you receive alimony or child support,
provide a copy of the divorce decree
and evidence of receipt of income for
12 months (i.e. canceled checks, deposit
slips or bank statements).
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If you pay alimony or child support,
provide a copy of your divorce decree.
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If you've had a bankruptcy within the
last seven years, provide a copy of
your bankruptcy discharge, a copy of
the petition (including schedules A
& B) and an explanation of the circumstances.
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If you currently pay rent, provide
copies of rental payments for the last
twelve months (may include canceled
checks, bank statements, money orders,
etc.) and the name and address of your
landlord for the same time period.
By providing the above information
when applicable, you'll help speed up the
loan process.
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