Loan Application Checklist

Courtesy of Barbara Shelhart

Be sure to bring the following items with you at time of the loan application:

* Application fee: Bring your checkbook! The lender will require Approximately $225- $250 for government applications and $300-350 for conventional applications. This fee will cover cost of appraisal and credit report and is non refundable. If the property being purchased is on a septic system or well, an additional fee may be required.

* Down payment: Have available information as to all sources of money to be used for the down payment and closing costs.

* Social Security No. Name, age and Social Security number of borrower and co-borrower.

* Employment: List your annual gross income, including overtime and bonuses. Names and addresses of employers for past 2 years, most recent months' pay stubs, last two years' tax returns and W-2 forms.

* Self-employment: Have available two years' individual tax returns (including Schedule C), current profit and loss statement, balance sheet, and financial statement.

* Other income: Provide verification of retirement, disability, and social security benefits. Documentation of any child support payments if they are to be counted as income.

* Real estate: Show addresses for the past 4 years, and the value, mortgage balance, monthly payments, yearly taxes and insurance for any real estate owned.

* Rental income: Be able to show rental letters and leases signed by tenants.

* Bank accounts: Have available names, addresses, account numbers, and the 2 most current account statements for all checking, savings, IRA's, CD's, and money market accounts.

* Stocks and bonds: Have available the types and current market value.

* Life insurance: Know the amount of coverage and approximate cash value.

* Outstanding credit: Be able to show the names, addresses, account numbers, monthly payment, and balance for all outstanding loans. If possible, bring a copy of the payment coupon. (Include all loans such as auto, student, mortgage, personal, etc.)

* Bankruptcies: Provide details and an explanation of any known credit problems. Bring discharge of bankruptcy documents and all other related documents as filed straight through to discharge.

* Contracts: Have available accepted offer to purchase, counter offers, amendments, earnest money receipt, name of listing agent and number, name of selling agent and number.

* Current homestead: Provide monthly house or rent payments and average monthly utility bills.

* Subject property: Provide legal description, property taxes, title evidence, data sheet and operating statements if applicable.

* Veterans: Have available certificate of Eligibility or DD214

* Divorcee decree: Have available complete copies of final divorce decrees and all amendments if making child support and/or alimony payments, and proof that there is no arrearage: If receiving payments, provide statement from County Clerk of Courts showing regular receipt of payments for a 12 month period. Include family maintenance case number if applicable.

* Personal property: List approximate value of furniture and possessions presently owned, including vehicles. Include year, make and current market value of automobile