When applying
for a conventional loan, most, if not all of the
following information will be required of the borrower
and/or co-borrower. It is strongly recommended that you
check
your credit and correct errors first.
GENERAL
Name of borrower(s)
Current address, (if less than 2 years, provide previous
address)
Social Security number(s)
Employment
- Employer name
- Employer mailing address (for
verification of employment)
** If less than 2 years of continuous employment,
provide name and address of previous employer **
- List of assets including all real
and personal property
- Bank accounts: type, bank name,
address, account #, balance
- Stocks and bonds: number of
shares, name, current market value
- Life insurance: company, face
amount, cash value
- Real estate: description,
address, current value, amount of liens, income and
expenses
- Personal property: furniture,
jewelry, automobiles, collections and estimated value
List of liabilities
- Credit card(s): name,
address, account number, outstanding balance
- Installment loan(s):
name, address, account number, outstanding balance
- Mortgage loan(s): name,
address, account number, outstanding balance
- Other amounts due: name,
address, account number, outstanding balance
Housing
* If you own, name and
address of mortgagee, account number, monthly payment,
annual taxes and insurance.
** If you have rented or
owned for less than two (2) years, provide previous
references
Required Documents
- Signed Purchase and
Sales Agreement with addendums
- Copy of deed or legal
description of property
Title reference: Registry __________, Book _____,
Page# _____
- Property tax bill
- Survey or plot plan (if
available)
- Condominium, PUD, PRD or
cooperative documentation
- Listing sheet
- Name, address and
telephone number
of both listing broker and selling broker
Special Documents
- If you are
self-employed, seasonally employed, commissioned or
rely upon rental or dividend income, you will be
required to provide two (2) years of signed Federal
Income Tax Returns (including all schedules).
- If you receive or pay
alimony or child support, you will be required to
provide a copy of the divorce decree, maintenance
agreement, copy of support checks for twelve (12)
months, and two (2) years income tax returns.
- If any part of the down
payment is borrowed or a gift, you will be required to
disclose the terms of the financing or present a gift
letter from the donor.
- If you are owner,
co-owner, partner, trustee or investor in a copy,
partnership or trust, you will be required to provide
corporate or appropriate tax returns to verify income.
- Since each loan
application is unique, other specific information may
be required. If you are aware of any facts which
materially affect your income or ability to support
the loan, be prepared to provide detailed information
or documentation to the lender.
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