As you prepare to submit your loan application you may need to provide information regarding your assets and liabilities. Below you will find information that may pertain to you and your personal situation. Think of the information listed below as a reminder of what you may need. To help make the application process go smoothly you should begin to collect the following pieces of information just in case it is needed.
q Social Security Number for borrower and co-borrower if any
q Current employer for borrower and co-borrower
q Location of bank accounts, account numbers and balances
q Current statements of Stocks, Bonds and Investments
q Copy of most current retirement statement
q Make and model of automobiles, their resale value
q Creditor names, addresses, account numbers
q Monthly payments and balances
If you’re self-employed
q Two years tax returns, profit and loss statements, both company and personal if separate.
q Current balance sheet and profit and loss statement if more than two months into the new fiscal year, signed by CPA
If you have income from:
q Rental Property
q Notes Receivable
q You’ll need two years’ personal federal tax returns
If employed in family business
q Personal federal income tax returns and all schedules for the past two years
If divorced or separated
q Complete executed divorce decree and settlement agreement
q Payment history of alimony/child support over the past 12 months, if it is a financial obligation.
If you choose to have this be considered as part of your income (you don’t have to), be prepared to provide 12 months canceled checks or bank statements reflecting income deposits
If you own real estate
q Name and address of all mortgage lenders for the past 24 months, account numbers, monthly payments and balances
If you’ve sold your home but not closed:
q A copy of the sales contract
If you’ve sold your home, closed and you will use the proceeds for your new
q A copy of the Closing Disclosure for the transaction
If you rent
q Name, address and phone number of landlords for the past 24 months
If you’re buying a home
q Purchase sales contract or offer to purchase and all addenda
q Furnish contract with original signatures of buyer and seller
If a source of your down payment is a gift:
q Name, address and relationship of donor
q Gift funds will be verified in both the donor and recipient’s accounts.
Note: Not all loan programs allow gifts to be part of your down payment.
For Construction/Perm Loan
q Signed construction with cost breakdown, builder plan and specifications