Information Needed for Loan Application
Information Needed for Loan Application
A. PROVIDED BY THE AGENT:
- Copy of the ratified contract.
- Any ratified addenda.
- A copy of the listing card.
- Copy of earnest money deposit check.
- Name and phone number for Condo or Homeowners Association.
B. PERSONAL INFORMATION:
- Full names of all purchasers as they are to appear on the title.
- Social security numbers of all purchasers. Social security and picture identification for FHA loans.
- Present residence address for all purchasers.
- Previous address for all purchasers going back two years if they have not resided in the present home for two years.
- Home and office phone numbers.
C. EMPLOYMENT INFORMATION:
- Present Employer name and address AND a contact person to send employment verification form.
- Explanation for any gap during 2 year history.
- Relocation letter for any transferees-giving date, salary, change location, and any relocation benefits.
- Previous Employer name and address and contact person going back two years if not in present job two FULL years.
- Present Salary. Year to date pay stub and last 2 years W•2’s.
- If any variable income: commission, part-time income, bonus, overtime, interest income, etc., is being used to qualify: Two years SIGNED federal tax returns and W-2’s and/or 1099’s.
- If self-employed: Two years signed federal individual and corporate returns (if there are corporate returns). Also a year-to-date profit and loss and balance sheet.
- Diploma or transcript if student during 2 year period.
D. OTHER INCOME:
- Rental Income: Copy of a lease which is current and at least a year in length.
- Alimony and Child Support: Only if used for qualification. Copy of divorce decree and property settlement (ratified) setting out terms. Proof of payment will also be requested at application.
- Income from Notes Held: A copy of the ratified note and tax returns if interest was reportable during previous calendar year.
- Retirement, Social Security, and Disability Income: Copy of award letter and latest check showing amount of present payment. Copy of end of the year statement if applicable. Social Security income will be reported on tax returns.
- Bank Accounts: Name of bank, address, account numbers, type of accounts and present balances. With checking use average balance.
- Copy of three most recent statements for all accounts.
- Stocks and Bonds: Copy of certificates or copy of recent (within 30 days) broker statement listing the holdings. Copy of statement can be used for many mutual funds, etc.
- Life Insurance: Cash value only if being used for down payment.
- Vehicles: Year and make and value. Copy of the title if under 4 years old with no outstanding lien.
- Real Estate: Address and market value, if free and clear, deed of release, deed, or proof of mortgage payoff.
- Present Home: Copy of Sales Contract, Settlement Sheet, and/or Lease.
- Gift Letter: Form will be provided by financial representative. Donor Capacity must be verified. Receipt of funds myst be shown in account.
- Credit cards: Account number and outstanding balance and most recent statement.
- Loans: Auto, Mortgage, Personal, Student, etc.: Name of institution, address, account numbers, outstanding balance, monthly payment, months left on loan. Copy of payment coupon or statement.
- 12 Months statements or cancelled checks for all present mortgages.
- Alimony and Child Support: Copy of Ratified Decree and property settlement setting out terms.
G. VA LOANS:
- Certificate of Eligibility: To obtain certificate, will need a 00•214 (Separation of Service) or if in service will need statement of service signed by Commanding Officer or Personnel Officer (certificate must be updated before application).
- If in Service may need Authorization to Live Off Base (DO Form 1747 from Housing Office) and Transfer Orders (if applicable).
H. PAYMENTS MADE AT APPLICATION:
- $ __________ for FHA/VA
- $ __________ extra for condos
- $ __________ conventional
- Credit Report:
- $ __________
I. PRESENT HOME:
- Sales Contract
- Settlement Sheet (if sold within last year).
- Name and address of Present Landlord.
- Deed & Deed of Trust (refinances only).
Information Needed for Insurance
- ___ Homeowner’s Insurance Policy
- ___ The insurance Agent must write the pol icy to include the fol lowing:
- ___ Have dwell ing coverage in at least the loan amount.
- ___ Be dated within the same month, but prior to the settlement date.
- ___ Have a paid rece ipt for first years premium.
- ___ Show correct property address.
- ___ Your names as you will take title.
- ___ The loss Payee/Mortgagee Clause as follows : FT Mortgage Companies, their successors and/or assigns
as their interest may appear: P.O . Box 80140, Atlanta, Georgia 30366