Information Required for Processing

The speed and accuracy with which you can supply this information will ultimately determine the quality of your final loan submission.

Important Documents:

The following are the 5 major categories of documentation:

    1. Personal
    2. Credit
    3. Collateral
    4. Income
    5. Equity

Personal

1. Application - (1003) this is a summary of pertinent personal data regarding name, soc. sec, address, age, employer, etc.

Credit

1. List of all open credit accounts: i.e. charge accounts; car loans (include account numbers, payment amounts and balances).
2. Account number of current mortgage and address/phone number of lender (or current landlord if applicable for past two years).

IF APPLICABLE:

1. Copy of divorce decree

Collateral

     1. Approximate annual taxes and homeowners insurance for proposed property.
     2. Survey (if purchase)
     3. Title insurance
     4. Homeowners Insurance Information (Name and phone number of Insurance Agent, premiums, insurance company, dates of coverage)
     5. NEW PURCHASES ONLY -- All purchase agreements involved in this transaction.
     6. Value - anticipated appraisal value

Income

     1. W2's for the previous two years.
     2. Copy of most recent paycheck stubs for the last 30 days.
     3. List of employers for the past two years (include addresses and dates employed).

IF APPLICABLE:

4. If you are self employed: 1040's for previous two years, year-to-date profit and loss statement, and balance sheet signed by your accountant.
5. If you own income properties or if your income is based on commissions: 1040's for the previous two years (including all schedules).

Equity

1. List of Assets (include addresses, type of account, account number, balances and copies of your last three bank statements for all accounts).
2. NEW PURCHASES ONLY -- Front and back copy of canceled earnest money deposit check or bank statement showing its withdrawal.

If you have any difficulty with gathering any of these documents, sometimes information may be enhanced or alternatively produced. Ask your loan officer how you can get approval even if you have limited information.