Steps to a Perfect Loan Application

1. A copy of the SALES CONTRACT, signed by all parties.
2. A deposit for credit report and appraisal fees will be required at time of application.
3. Social Security number for all applicants.
4. Checking account numbers: address of same.
5. Savings account numbers: addresses of same.
6. Mutual fund account numbers and addresses.
7. Gift letter for any money received from relatives to purchase home and placed in checking/savings account.
8. Serial numbers and face values of any US Savings Bonds and other Stock.
9 Copy of current thrift plan, provident fund, or retirement benefits which your company has. If a statement is not available, provide address and account number of same. Include IRA and/or Keogh data.
10. Credit card references including account numbers, balances, etc.
11. A list of any debts you have which have a balance, the name of the creditors, their addresses, telephone numbers, account numbers, the monthly payment, and balance should be documented.
12. A list of assets including car, furniture, and estimate of value.
13. Name and addresses of employer(s) for the last two years, latest earnings statement or pay vouchers.
14. If overtime is substantial part of gross income, provide W-2 forms for the last two years. Commission sales usually require two years tax returns.
15. If you are self-employed, tax returns for the last two years will be required, plus profit and loss.
16. If you are getting a VA loan, your certificate of eligibility, if you have one: or you will need a STATEMENT OF SERVICE (DF 2496) OR DISCHARGE PAPER (DD214). If you are currently in the military, you will need a DD 1747 (permission to live off post).
17. If you're presently a member of any military reserve unit, give address.
18. If you presently own or have owned a home in the last three years, the name and address of the mortgage company or lending institution, the mortgage loan number and balance.
19. If you are obtaining your equity from the sale of your previous residence, a copy of your closing statement is required.
20. If you are a landlord, bring a copy of your tenant's lease(s) with you to substantiate income derived.
21. Any divorce papers and property settlements where property was involved in a divorce. If alimony or child support is being, used as income to qualify for a loan, provide proof of amounts received. This is either by copies of cancelled checks, military allotments or if paid through the court.
22. Any bankruptcy judgment papers. Copies of discharge and original papers filed.
23. Tax returns for three years on MHC loans.