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Loan Application Checklist |
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In general, the documentation you will need includes:
- A clear scanned copy of Drivers License and Social Security card for all borrowers (if you are permanent resident, please provide a copy of your permanent resident card, front and back).
- W-2′s and 1099′s for the last 2 years for each borrower.
- The two most recent, consecutive FULL monthly statements for each bank, mutual fund, 401k, or investment accounts listed on the loan application. Please be sure to include ALL PAGES, EVEN IF BLANK or appear to contain no financial information. If statements are front and back, please copy both sides. If statements are quarterly, please provide all pages the most recent quarterly statement. Please DO NOT send online banking printouts unless they show your full name and full account number without any numbers being XXXX’d out, as they will not be accepted by the lender. Only full monthly statements, all pages will be accepted.
- Most recent pay stubs covering 1 full month period for all borrowers
- Full Federal Tax Returns (1040′s) for the last 2 years. ALL PAGES of ALL SCHEDULES.
- Be prepared to pay appraiser at the time the appraisal is ordered.
- If you own any property or hold a mortgage currently (including equity lines of credit or HELOC), ALL OF THE FOLLOWING must be provided for ALL properties owned:
1. Current mortgage statement. 2. Homeowners insurance declaration page. 3. Current Property tax bill
If there is an HOA, please provide the name of the HOA, the phone number, and the amount of the HOA monthly dues.
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| Please also provide the following that apply to your scenario:
Property information (if your loan is a purchase and you have a contract)
- Provide a copy of the Purchase Agreement signed by all parties and all addendums, and your Realtor’s name and phone number.
- Provide a copy of your initial deposit check (front & back).
- If part of your downpayment or closing costs will be paid with gift funds, please provide a letter of explanation source withdrawal and deposit from where the funds came from along with a gift letter (provided by broker), signed by the person giving the gift, and a copy of the check and copy of the deposit receipt.
- If you are selling your home, provide a copy of the Listing Contract.
- If you recently have sold your home, provide a copy of the settlement statement (HUD-1).
If Self-Employed:
- Complete Business Tax Returns (1120′s including ALL pages and K-1s).
- Two most recent years business license.
If you own rental property:
- Current rental or lease agreement signed by all parties.
If you are retired:
- Pension or Retirement Award Letter.
- If receiving Social Security, a copy of your Social Security award letter
If you are counting child support as income:
- Copy of Divorce settlement.
- Copy of 12 months of cancelled child support checks.
If you want to keep an existing Equity Line or 2nd loan open:
- Please provide a copy of the Note & Deed of Trust for the equity line or 2nd loan.
- Send in a check payable to the existing lender who holds the note for their subordination fee.
Please fax all documentation to (408) 228-0768
or email pdf’s to Rich@RMILending.com
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