Requirements for Mortgage Approval and Loan Application

Home Purchase Documentation Checklist

In general, all lenders use the same four basic standards to approve applicants for a mortgage. Different mortgage products have varying guidelines within those standards. The lender looks at what is referred to as the “the four C’s” capacity, character, capital and collateral.

The following is a list of documentation that is generally required to approve your mortgage application. Please review these items and collect anything that may apply to your current situation. If you have any questions, please contact your Home Mortgage Consultant

Overview

The Home Purchase Documentation Checklist ensures that items needed for underwriting are provided by the borrower at application. Submitting these items promptly and completely will result in a streamlined submission, underwriting and closing of your loan application.

Employment / Income Documentation

Income documentation is required to ensure there is sufficient income to make the monthly payments and determine the “capacity” for repayment of the loan.

Self-Employed

     2008 & 2009 Federal Income Tax Returns (IRS 1040s) and all applicable      schedules, W-2s, and 1099s

2008 & 2009 Business tax returns with all pages and applicable schedules

Employed by milf porn Others

Most recent year-to-date paystub documenting 1 full month earnings (if paid weekly we need 4 stubs, paid bi-weekly 2 stubs, etc)

2008 & 2009 W-2s

Most recent one year’s federal tax returns (1040s) required IF more than 25% of income is derived from commissions

Other Income

If receiving social security, disability, or pension income provide a copy of award letter and most recent check or check stub

If receiving alimony or child support, provide proof of timely receipt for last 12 months and proof that income will continue for at least 3 years

If rental income is received provide complete copy of executed lease agreement and complete personal tax returns

Assets

You must  have the “capital” to fulfill your current obligations as well as your new mortgage. You need to evidence enough savings to cover funds for down payment and closing costs and show reserves (if required) that would cover your anticipated monthly payments should anything happen to you or your job.

Please provide the most recent two (2) months of the following applicable accounts:

Cash Account (i.e. checking, savings, money market accounts, etc.)

Investment accounts (i.e. mutual funds, stocks, CDs, Savings Bonds)

Retirement or other non-liquid account (i.e. 401(k), IRA, Annuities, 403(b), etc)

If receiving money from family or friend please contact me for additional documentation requirements

***IMPORTANT NOTES***

· Asset statements need to be complete and include ALL PAGES

· Need to show transaction history, name, and account number

· Deposits in excess of 25% of documented income need to be explained and documented

· Online statements are fine but screen shots from websites will not be accepted

Credit History

Your credit history is an important c mobile porn onsideration when reviewing your financial profile. If you have a history of paying your monthly obligations on time, that’s a signal that you are likely to make your monthly mortgage payments on time as well.

If credit problems exist, including (but not limited to) slow payments, judgments, charge offs, collections accounts, provide a written statement of the cause and proof that account(s) have been paid.

Any recent inquiries to your credit will need to be explained and a written and signed statement will be required stating these inquires did not result in any new debt not already reflected on the credit report.

If you have filed for Bankruptcy in the past 10 years provide a copy of the Bankruptcy Petition and discharge papers and a written statement of the reasons why you filed for bankruptcy.

The Home You are Buying

 An appraisal on your home is necessary to determine its market value. In addition to that we will also look at the type of the property and whether there are items that will need to be taken into consideration.

Provide copy of the fully executed Contract of Sale

Copy of property listing

Name, business name, telephone, fax number for your realtor

Name, business name, telephone, fax number for your closing agent (attorney, title company)

If purchasing a condo, townhouse, or Co-Op, provide the name and phone number of the management company and homeowner’s association.

If you are selling (or sold) a home provide a copy of the contract and/or copy of HUD-1 Settlement Statement

Forms to be signed at Application

There will be a few items that we will need you to sign prior to submitting the loan application. These forms will be supplied by your Home Mortgage Consultant.

Borrower’s Certification/Verification Authorization/Financial Privacy Notice

Request for Transcript of Tax Return (IRS Form 4506-T)

You will also be receiving another package in the mail that contains disclosures that you should review carefully and let your Home Mortgage Consultant know if you have any questions or concerns. These disclosures do not need to be signed and returned, but should be retained for you personal records.

Other Items (if applicable)

Documentation requirements vary depending on the loan program you apply for and your individual financial and credit profile. Additional conditions may be required after your loan has been reviewed by our underwriters.

Government issued photo ID (driver license, passport, military ID, etc)

Copy of Divorce Decree and property settlement

For a permanent resident aliens, a copy of the permanent Green Card

For a non-permanent resident alien, a copy of celebrity porn their visa (call for acceptable classes)

If applying for VA loan provide DD-214 and Certificate of Eligibility

A thoroughly written two-year employment history (company, address, dates of employment)

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