“ Never in the history of America, has there ever been a better time to purchase real estate!”
Checklist for House Loan Application
Checklist for House Loan Application
GENERAL REQUIREMENTS:
Photo ID and Social Security number
Resident's Address for the last two years or complete Residential address of all the landlords for the past 2 years
Application fees
INCOME & ASSETS
Income:
Earning Statements
Employment history and full details of the companies joined in the last two years.
Federal Tax returns in case of regular capital gain, considerable interest income, and rental property ownership.
Verification of various other sources of income
If retired-
Pension award letter and other veteran's benefits
If receiving social security-
Social security award letter
If applier owns rental property -
All lease agreements and Tax returns for the last two years
If applier includes Child support as an income
Copy of divorce settlements
Cancelled child support checks (for past one year)
Overtime bonus and commission
SELF EMPLOYMENT
Tax returns of the past three years
Profit and loss statement of the current year and previous year
ASSESTS:
Copies of all bank statements for checking and saving accounts
Details of all stock investments, mutual funds, bonds
A list of household items and their estimated value
Details and documents of all automobiles, motorcycles and /or boats possessed by the applier
Monthly premiums, and details of all life insurance policies and their cash values
Other statements (if applicable) like 401K statements, HUD1 settlement statement or estimated HUD1 settlement statement .
Any serious deposit that may include a large sum as a gift or the deposit made to the property seller as a token money to show your seriousness towards the purchase.
A signed gift letter, a copy of gift check and a copy of the deposit receipt are required if the applier's account has a serious amount deposited as a gift.
CREDIT REPORTS REQUIRED:
Information about credit card (account number, current balance in account).
Property mortgage (address of property, address of lender, monthly payments)
Details of other loans (car loans, student loan etc)
OTHER POSSIBLE REQUIREMENTS (if applicable)
Bankruptcy papers if the applier has filed bankruptcy within the last seven years
Divorce and property settlement papers along with modifications
In case of VA loans, a copy of DD form 214 along with proof of eligibility .
Credit report and explanation on late payments, inquiries, check offs etc
