Information Needed for Loan Application

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According to Freddie Mac you should be prepared to give your lender the following information for each borrower:

• Social Security numbers
• Birth dates
• W-2 statements stating your income
• Tax returns for the past two years, particularly if your are self-employed
• Previous employer contacts. Have names addresses and telephone numbers for employers going back two years. If you do not have two years’ employment history  because you were still in school for part of that time then bring your school transcript or diploma.
• Bank account statements. Account numbers and current balances for checking, savings and any other accounts.
• Statement of current assets including IRAs, CDs, stocks, bonds, mutual funds and a recent brokerage statement is useful.
• Personal property documentation. You may be asked for information on other assets including cars and boats.
• Loan information including the name and address of current creditors such as your auto loan and credit card companies. Know the total amount of debt outstanding for each line of credit and the monthly payment.
• Current housing information. If you already own a home then be able to estimate its current value, an appraisal or tax assessment. Know the address, phone number, outstanding balance and monthly payment for your current mortgage lender. Bring a copy of your lease if you are a renter.
• Contract and deposit. As soon as you have a ratified sales contract on your new home, get that and copies of receipts for the earnest-money deposit you offered the seller when you presented your offer to buy the home.
• Gift letter. If you are getting down payment money from a relative or employer then you need a letter verifying that the money really is a gift and does not have to be paid back.
• Profit-and-loss statements for the past two years if you are self-employed.
• Divorce decree or maintenance agreement along with amendments if you are divorced or separated. If you receive money for child support or alimony will help you qualify for the mortgage then you should bring a 12-month history of those payments. Regular deposits on your bank statement can help verify that payment history.
• Current lease and a complete copy of your federal tax return plus the account number of your mortgage and the name and address of the lender if you own rental properties.

The more documentation you have handy then the faster your loan application will be approved. The lender will pull your credit reports and scores. You may be asked to pay a nonrefundable loan-application fee of $50 or $60. But check out those fees before you apply. Some lenders and that includes big internet companies do not charge any application fees but others can be quite high like in the banks.

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