Wednesday, June 3, 2009

What Info Is Needed When Filling Out a Loan Application

What information will be needed when Buyer's are applying for a loan

Here is a list of the information mortgage lenders will use to consider your loan application.

For all loans

Social Security Number, for borrower and co-borrower if any

Employment History

For the last two years, employment dates, addresses, salary.

Current pay stubs or W-2 forms.


Check and Savings Accounts and Certificates of Deposit

Location of bank accounts, account numbers and balances;

Address of bank if out of town

Last 3 months' statements


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



Make and model of automobiles, their resale value


Other Assets

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

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're buying 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.


For FHA Financing

Evidence of Social Security Number and photo identification


For VA Financing

DD214 and Certificate of Eligibility


For Construction/Perm Loan

Signed construction with cost breakdown, builder plan and specifications

Happy House Hunting!



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