You want a Easy Loan Approva? : Have These Items Ready When You Apply For a Loan
For a Quick Easy Loan Approval:
Have These Items Ready When You Apply For a Loan
Posted on April 15, 2011 by Louisville Kentucky Mortgage
Louisville, Ky Mortgage Lenders: For a Quick Easy Loan Approval:Have These Items Ready…:
Employment
____ Name and address of employers for the past two years
____ Copy of pay stubs for the previous 30 days
____ Copy of last two years w-2 forms
(if commissioned or paid by 1099, copy of last two years complete tax returns)
Self-employed
____ Copy of last two years tax returns (personal and corporate);
year to date P&L and Balance Sheet through the most recent quarter
Liabilities
____ Name and account numbers for all revolving and installment accounts
____ Name and account number for all mortgage loans for the previous two years
____ Name and address for landlords for the previous two years
Assets
____ Name, address, and account number for all bank accounts
____ Name, address, and account numbers for all brokerage accounts
____ Copies of statements covering last 3 months on asset accounts
____ Copy of most recent statement for 401K, Savings Plan, etc.
Miscellaneous
____ Copy of driver’s license and social security card
____ Copy of fully executed divorce decree if applicable
____ Copy of signed earnest money contract
____ Copy of lease agreements on rental properties
____ Veterans! Copy of DD 214 and Eligibility Cert. if you have it
____ Check for the cost of your credit report and appraisal
Documents Needed For All Loan Applications
ALL BORROWERS:
- Copies of W-2's for the last two years;
- Copies of paycheck stubs for the last 30 days (most current);
- Copies of checking and saving account statements for last three months (all pages);
- Copies of quarterly or semi-annual statements for checking, savings, IRA's, CD's, money market fund, stock, 401k, profit sharing, etc.;
- Copy of sales contract when ratified;
- Employment history for the last two years (address any gaps of employment);
- Residency history over the last two years, with name, phone number, address and account number of Land or Mortgage Company. Rental property copies of leases plus mortgage information.
- Canceled earnest money check when it clears or corresponding bank statement, if applicable;
- Commissioned or bonused income -- if 25% or more of base, must have tax returns;
- Check for the expense of appraisal & credit report;
- Refinance Copy of Note, Deed of Trust, Settlement Statement, Survey, and Insurance information;
- Any assets used for down payment, closing cost, and cash reserves must be documented by a paper trail;
- If paid off mortgage in the last 2 years, need copies of HUD1;
- Copy of drivers license for applicant and co-applicant.
SELF-EMPLOYED BORROWERS:
- Copies of most recent 2 years tax returns (with all schedules including k-I's if applicable);
- Copy of current profit & loss statement and balance sheet;
- Copy of corporate/partnership tax returns for most recent 2 year period if owning 25% or more of company -- copies of W-2's and/or 1099 forms.
DOCUMENTS WHICH MAY BE REQUIRED:
- Relocation Agreement if move is financed by employer, i.e. buyout agreement plus documentation outlining company paid closing costs benefits;
- Previous bankruptcy, need copies of petition for bankruptcy and discharge, including supporting schedules;
- Divorce Decree if applicable;
- Documentation supporting moneys received from social security/retirement trust income, i.e. copies of direct deposit bank statements, awards letter, evidence income will continue.
DOCUMENTS NEEDED FOR FHA/VA LOANS:
- FHA: Copy of social security card and drivers license for each applicant and co-applicants;
- VA: Original Certificate of Eligibility and copy of DD214 Discharge Paper;
- VA: Name and address of nearest living relative
Documents Needed for a Mortgage Loan Approval in Kentucky-
