What you need to get ready before applying for a mortgage loan

Loan Application Checklist

Not all item will apply to all loans

Purchase transactions only

Purchase Agreement Signed by all parties.

Copy of deposit check on property

If you are selling your current home, copy of listing contract.

If you have sold your current home, copy of settlement statement (HUD-1).

For All loans

Income & Assets

Pay stubs for the last 30 days.

For the past two years:

	Names and addresses of each employer.
	W-2s

Statements for each bank, mutual fund, and/or investment account for the last three months.

Estimated value of personal property and furniture.

If you have made any large deposits to your accounts:

Explanation and source for deposit.

If large deposit was a gift:

	Signed gift letter (lender can supply).
	Copy of gift check.
	Copy of deposit receipt.

If you own more than 25% of a business:

Corporate or partnership tax returns.

If self-employed:

	Tax returns for the last two years (with schedules) and signed by the payer in live ink.
	Year-to-Date Profit and Loss Statement prepared by an accountant.

If you own rental property:

Tax returns for the last two years and current rental agreements.

If you are retired:

Pension Award Letter.

If you receive Social Security:

Social Security Award Letter.

If you are counting child support as income:

	Copy of divorce settlement.
	Copy of twelve months of cancelled child support checks.

Debts

Names, addresses, account numbers, balances and monthly payments on all current loans.

Explanation of credit report anomalies, including:

	Late payments, credit inquiries in the last 90 days, charge-offs, collections, judgments and/or liens.
	Bankruptcy filed within last seven years (bring a copy of your bankruptcy papers).

VA Loans

Copy of DD Form 214, Report of Separation, original eligability form and name / address of nerest relative not living with you.

Miscellaneous

Photo ID and proof of Social Security number for Patriot Act compliance.

Residence addresses for the past two years.

If applicable, a copy of your divorce decree.

If you are not a citizen, a copy of the front and back of your green card.

You may print this off to help you organize your documents for fax submission or for an in person consultation.

All loans will requier full income documentation and validation in order for Fannie Mae, Freddie Mac, FHA and VA to accept the tranaction.

Mortgage Calculator:

Christopher P. Ausitn 1923 Kleck rd Paso Robles, Ca 93446

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