Home Loan Application Information Needed Details
Knowing what information is needed and required when submitting an application for a mortgage can feel like a lot to handle. That is why we have broken down exactly what you will need to get together for your application. Below we outline the ins and outs of the basics for what you will need.
What information will be requested for the application (and how it’s kept private)
Anything you submit over our website is 100 percent, fully secure. And we never, ever share it with anyone except by permission — that is, if you’re giving us information you want us to use to get you a home loan, we use that information to tell mortgage lenders about you and help get you a loan. In turn, those mortgage lenders are bound by federal law to keep your information secure.
Here is a list of the information mortgage lenders will use to consider your loan application. Go to this article Home Loan Application Checklist for an easy-to-use checklist we created for you to use while getting your mortgage information together
Documentation Needed For All Mortgage Loans
- Social Security Number, for borrower and co-borrower if any
- Employment History
- For the last two years, employment dates, addresses, salary.
- Last 30 days pay stubs and W2’s
- Check and Savings Accounts and Certificates of Deposit
- Location of bank accounts, account numbers and balances
- Address of bank if out of town
- Last two months’ statements
- Stocks, Bonds, and Investment Accounts
- Broker’s name and address, description of stocks, bonds, etc.
- Last two months’ statements or copies of stock certificates
- Life Insurance Policies
- Insurance company, policy number, face amount, cash value, if any
- Retirement Plan
- Approximate vested interest value
- Copy of latest statement
- Make and model of automobiles, their resale value
- Other Assests
- Market value of personal and household property
- Liabilities and Other Non-Mortgage Debt
- Creditors names, addresses, account numbers
- Monthly payments and balances
Other Income Information You May Need
- If you’re self-employed
- Two years tax returns, profit and loss statements, both company and personal if separate.
- 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:
- Rental Property
- Notes Receivable
- You’ll need two years’ personal federal tax returns
- If employed in family business
- Personal federal income tax returns and all schedules for the past two years
- If divorced or separated and using income from child support for obtaining your loan
- Complete executed divorce decree and settlement agreement
- 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
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:
- A copy of the sales contract
- If you’ve sold your home, closed, and you will use the proceeds for your new down payment:
- A copy of the HUD-1 Uniform Settlement Statement
If You Rent
Name, address and phone number of landlords for the past 24 months
If You Are Purchasing A Home
- Purchase sales contract or offer to purchase and all addenda
- Furnish contract with original signatures of buyer and seller
- If a source of your down payment is a gift:
- Name, address and relationship of donor.
- 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.
Along with the above information you will need evidence of Social Security Number and photo identification.
Along with the above information you will need a DD214 and Certificate of Eligibility.
For Construction/Perm Loan
Signed construction with cost breakdown, builder plan and specifications
For more home loan application information Visit Here