Applying For A Loan

After you have found acceptable financing, make an appointment with a lending officer, to apply formally for a loan. You will be required to fill out a Real Estate Loan Application. Please have available at the initial interview the following items.

Copy of Sale Contract and all addendum's signed by both buyer and seller and property information listing sheet or multiple listing service sheet.

Tax Returns previous 2 years personal federal and schedules if you are: self-employed, employed in a family business, a tradesman, receiving income from bonus, commission, partnership or trust income, owned rental property, have income from otherwise non-verificable source such as corporate ownership, installment sales and tips.

Employment history: Name and address of employers for last 2 years, dates of employment and income. Social security number for both borrowers.

Checking, Stocks, bonds, investment accounts and savings accounts: names and addresses, account number and balances. Passbooks, bank statements, stock certificates from previous three months. List of serial numbers and issue dates for bonds.

Life insurance policies, name of insurance company, policy number, face amount and approximate cash value each policy. Retirement plan, value of vested interest and copy of most recent statement.

Automobiles owned, make, year and current market value. Other assets, estimate of market value: i.e., furniture and personal property.

Credit information for each account including credit cards with zero balance, creditor name, address, account number, payment amount, current balance, date paid in full and copy of balance statement with -0-.

Self-employed borrower- previous 2 years and current year-to-date profit and loss and balance sheet.

Divorced or separated - copy of divorce decree or maintenance agreement, amendments and 24-month payment history of alimony/child support payments.

Overtime income - W2's for previous 2 years.

Renter's - landlords name and address and 12 month rental payment history.

Real Estate Owned - name and address mortgage lender, account number and recent year-end statement. If rented all current lease or rental agreements. If listed for sale copy of listing agreement. Sold but not closed - copy sales contract and escrow number. Sold, closed and the proceeds from the sale will be used for the down payment - a copy of the HUD-1 Uniform Settlement Statement.

Gift letters - if source of down payment is a gift, a signed letter from donor to verify you are not required to repay the funds.