TYPES OF LOANS:

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. Residence addresses for past two years Name, address and telephone number of landlord(s) for the past two years. Lender's name, address and account number on your present home.

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.)

Copy of Social Security card, DD Form 214 or Certificate of Eligibility (VA loan), Divorce decree and copy of child support registry, Tax returns for previous two years, Application fee for appraisal and credit report, 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, Lot size and date home was built, Address and telephone number of seller, Name and telephone number of occupant, Key- if house is vacant, Abstract location or copy of recent title policy, Present lender, account number and loan type.

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 areconsidered 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.

Conventional, FHA or VA Appraisals for proposed construction require:

Two Sets of plans including:

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:

On FHA Form 1852 dated 7/76--description of materials

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

Manual "J's" (heat loss calculation)

Department of Health approval on proposed septic and well

Detailed contract between buyer and builder

Complete cost breakdown