Loan Application Checklist
(Printable)

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Here is a list of the information all mortgage lenders will use to consider your loan application and qualify you for your loan.

For all loans:
Evidence of Social Security Number and photo identification like a valid driver's license and or valid US Passport, for borrower and also for a co-borrower.
If you are not a citizen of the USA, copy of front & back of your green card.

Employment History
For the last two years, employment dates, addresses, salary.
Most Current 30 days pay stubs
All of the Most Current last 2 Years W-2, 1099, and K-1 income forms.

Check and Savings Accounts and Certificates of Deposit
Location of bank accounts, account numbers and balances;
Address of bank if out of town
All pages of the Last 3 months' statements
If you made any large deposits to your accounts listed above over the last 3 months
then we may need:
        
Explanation & source of where deposit came from.
         If large deposit was a gift or is to be a gift then we need:
                Signed gift letter (We have an easy form for this)
                Copy of gift check from donor & current statement.
                Copy of your deposit receipt or new bank statement after you deposited
                the money.
 

Stocks, Bonds, and Investment Accounts
Broker's name and address, description of stocks, bonds, etc.
Last 3 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

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:
Commission
Overtime
Bonus
Partnership
Rental Property
Trust
Notes Receivable
Interest/Dividends
You will need all pages/schedules of the two years' personal federal tax returns

If employed in any family business
You will need all pages/schedules of the two years' personal federal tax returns

If divorced or separated:
Complete executed divorce decree and settlement agreement
If you have a financial obligation to pay alimony/child support, we will need a history of payments over the past 12 months and documentation of length of time remaining on obligation
If you wish to have child support/alimony considered as part of your income (you don't have to), you will need to be prepared to provide court documentation for 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.
Copy of all Leases and lease history for all rental properties.

If you have accepted a  sales offer and contract on your home but not closed the sale yet:
A copy of the sales contract

If you have sold your home, closed the transaction, and you will use the proceeds for your new down payment:
A copy of the CD Settlement Statement

If you rent
Name, address and phone number of landlords for the past 24 months
 
If you are buying a home - (we will obtain this from the escrow, title or realtors involved in your purchase transaction)
Purchase sales contract or offer to purchase and all addendems. 
We will require a copy of the front and back of the negoiated escrow check.
Furnish contract with original signatures of buyer and seller
Names, addresses, emails, & telephone numbers of all Realtors, Builders, Insurance agents & Attorneys involved in your transaction.
If a source of your down payment is a gift:  (We have an easy form for this)
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.
W

Debts

Full Mortgage Credit report will be pulled from one of our credit reporting firms.
Explanation of credit report anomalies, including:
        Late payments, credit inquiries in the last 90 days, charge-offs, collections,           
               foreclosures, judgments and/or liens.
        Bankruptcy filed within last seven years (bring a copy of all pages of your
               'discharged' bankruptcy papers).

For FHA Financing

For VA Financing
DD214 and Certificate of Eligibility (We have easy forms to assist you with this)

For Construction/Perm Loan
Signed construction with cost breakdown, builder plan and specifications

Upon acceptance and disclosure of the Loan Application, you will need a Credit Card to pay for the Appraisal &/or Credit Report

Based on information appearing on your application and/or your credit report, you may be required to submit additional documentation.  Korene Clopine-Seaman or one of the  KLCSLoanTeam's  Loan Officer will be happy to assist with gathering the above items and answer any questions you may have.

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