MORTGAGE LOAN APPLICATION CHECKLIST:
Items
needed by all applicants
Buyer
should bring:
Name
and address of employer(s) for the past two years Most
recent payroll stubs showing year-to-date information
covering the latest 30-day period. Social Security or
retirement income verifications.
Proof
of disposition of present home by providing either a
listing contract, offer and acceptance, or closing statement
(HUD 1).
List of all debts-for each including;
1.Account Number
2.Monthly Payment
3.Lender's
Address
4.Current Balance.
Last
three statements for each bank account reflecting the:
1.Bank
Address
2.Type
Account
3.Account
number
4.Current
Balance.
Copy
of I.D. with photo (driver's license, etc.)
Tax returns for previous two
years.
W2s for previous two years.
Owner,
Seller or Agent Should Bring:
Real
estate contract (offer and acceptance), Verified copy
of legal description (deed-abstract), Correct address
of property (even if rural), Current taxes and a hazard
insurance quote.
Items
needed by self-employed applicants:
How
to determine if you are considered to be self-employed:
1.You
are considered to be self-employed if no Federal withholding
tax is deducted from your earnings.
2.If
you are the principal stockholder in a corporation or
a partner in a legal partnership, you are considered
to be self-employed, even if you are drawing a salary.
You
should bring:
The
past three years signed personal tax returns, Year to
date profit and loss statement, Current balance sheet
(financial statement). If you are a principal stockholder
in a corporation or a partner in a partnership, you
should bring:
The
past three years tax returns for the corporation or
partnership reports
Corporation
profit and loss statement - year to date
Copy
of corporation minutes authorizing salary
Remember
these special requirements:
All
tax returns must be signed by the taxpayer. All balance
sheets, profit, and loss statements, and other financial
documents must be signed by the borrower. All financial
data must be in detail, itemizing the individual liabilities,
expenses, and income sources.
When
calculating your income to payment ratios:
1.Real estate depreciation can be added back to your
income
2.Equipment depreciation can not be added back to income
Items
needed for proposed construction or suggested exhibits:
Floor
plan including measurements
Foundation
plan
Elevations
Cabinet
detail
Cross
Section footing, foundation, walls and attic
Truss
detail with architect's stamp
Heat
duct layout with register size
Plot
plan, including:
Existing
elevations on corners of lot
Show
all walks, drives, and dwelling
Finish
floor elevation noted
Location
of well and septic tank
Full
legal description
All
lot dimensions shown
Specifications:
Model
and make of all
1.Appliances
2.Electrical equipment
3.Plumbing fixtures
Must
be signed by builder and buyer
Should
be well coordinated with the plans
Department
of Health approval on proposed septic and well
Detailed
contract between buyer and builder
Complete
cost breakdown
