Loan Application Checklist

As a mortgage lender, our primary goal is to provide our borrowers with an affordable mortgage. Contrary to conventional thinking and practices, we do not approve mortgage loans strictly based on the adequacy of the collateral. As lenders, we want to avoid having to foreclose on your property just as much as you do. We are not in the business of foreclosing on homes. . . we benefit by helping our clients realize their dreams of homeownership.

To this end, we must compile a "credit file" to properly document a borrowers willingness and ability to successfully repay a mortgage. In order to do so, we will be asking you to provide some of the documents listed below. This list covers the range of documents needed for a variety of loans, and some may not apply in your situation. We treat each loan with special attention and base it on its own merits. In so doing, we may also request items that are not listed below.

A detailed list of required items will be provided to you immediately upon your loan application. These items may include:

• Signed initial loan application (loan application will be provided by us)
• Signed disclosure statements (disclosure statements will be provided by us)
• Completed appraisal, which must be ordered through a licensed, independent appraiser at your expense
• Copy of statements covering 2 months to verify your liquid assets (cash/IRA/stocks/bonds)
• Evidence of existing hazard insurance coverage on subject property (refinance loans only)
• Letter explaining purpose of loan and cash out (cash out refinance loans only)
• Copy of Front and Back of Green Card or copy of H-1 Visa (non-US citizens, and non US residents only)
• HUD-1 closing statement on subject property (refinance loans on properties owned less than 1 year)
• Complete copy of Purchase Contract for subject property (with all addenda, for purchase loans only)
• Copy of termite report on subject property (purchase loans only if requested as part of the contract)
• Copy of 2 recent pay stubs and past 1 or 2 years W-2s to support monthly income (salaried borrowers only)
• Most recent award letter and past 1 or 2 years SSA-1099 from Social Security Administration (borrowers with social security income)
• Copy of pension/retirement agreement and past 1 or 2 years W-2P forms (borrowers with pension/retirement income)
• Complete copy of Divorce Decree and/or Separation agreement (if you make or receive support payments)
• Complete copies of past 1 or 2 years personal federal tax returns with schedules (self-employed borrowers or those with various rental properties)
• Complete copies of past 1 or 2 years corporate, partnership, or LLC federal tax returns (self-employed borrowers that run their business through a corporation, partnership or LLC)
• Profit and Loss statement (s) from the end of last tax returns from self-employment (self-employed borrowers that provide tax returns with an ending period of 90 days or more)
• Evidence sale of property per copy of contract (if down payment is being obtained from the sale of another property)
• Complete gift letter with evidence of donor's ability to provide gift funds (if a portion of the down payment is being gifted)
• Copy of lease or rental agreement for rental property owned
• Explanation letter on late payments on credit report for derogatory items on credit report
• Copies (front and back) of canceled checks for past 12 months to show timely payments (if rating not provided on credit report)
• Copy of pink slip to evidence that autos are owned free and clear if you own a vehicle that is less than 5 years old
• Complete copy of initial bankruptcy filing papers and evidence of discharge (if you have previously filed for bankruptcy)
• Evidence of payment of Judgment/Collection Account Tax Lien (for Judgment, Collections, Tax Liens reported on your credit profile)
• Copy of Promissory Note and Deed of Trust on 1st mortgage (second mortgage loans only)