|
|
|
 BORROWER
REQUIREMENTS |
 |
Use your brain...Use your broker.
|
| |
Use your brain... learn
what types of documentation are generally
required, based upon the type of loan
you're looking for. |
|
|
Use your broker... to
help you with alternatives or reduction
of requirements, based upon your specific
situation. |
|
|
|
|
|
|
|
|
|
|
- From
Everyone: Credit Report Information
A necessary first step in matching your
particular needs to a loan program is
seeing the exact contents of your credit
report. Your report is pulled quickly,
and you receive a copy of it at our first
meeting. We then discuss its contents
with you to ensure the accuracy of all
items in the report. We're always amazed
when clients tell us that many other mortgage
companies "keep it a secret"! It's YOUR
credit report!!!!
Following is a list of information needed
(on each borrower) to pull credit:
·
Full name & Full address (not P.O.
Box)
· Prior address(es) if needed to establish
2 years residence
·
Social security number
·
Date of Birth (optional).
From Employed Borrowers
for a Purchase
Employed borrowers, please provide as
much as you can of the following to help
us proceed quickly with your loan:
·
Two current pay stubs
·
Two years W-2s
·
Three months current checking account
statements
·
One month (the most current statement)
on any of the following you may have:
Savings accounts,
CDs, Money market accounts, IRAs, 401Ks,
Stocks/bonds
·
Homeowner's Insurance company name, agent,
and phone number
·
Purchase Agreement
From Employed
Borrowers for a Refinance
Employed borrowers, please provide as
much as you can of the following to help
us proceed quickly with your loan:
·
Two current pay stubs
· Two years W-2s
·
Three months current checking account
statements
·
One month (the most current statement)
on any of the following you may have:
Savings accounts,
CDs, Money market accounts, IRAs, 401Ks,
Stocks/bonds
·
Homeowner's Insurance company name, agent,
and phone number
·
If you are able to find the original Owner's
Title Policy, it saves approximately 40%
of
the
cost of reissue of title.
·
Your original Survey is good as long as
you own the property, and finding it will
save you the cost
of a new one ($200-$350).
From Self Employed
Borrowers for a Purchase
For full documentation loans,
self employed borrowers please provide
as much as you can of the following to
help us proceed quickly with your loan:
·
Purchase Agreement
·
Three months bank statements
·
Homeowner's Insurance company name, agent,
and phone number
·
Two years personal federal tax returns
·
Two years business federal tax returns
·
Year to date Profit and Loss Statement
For Stated Income (no documentation)
loans, self employed borrowers
please provide as much as you can of the
following to help us proceed quickly with
your loan:
·
Purchase Agreement
·
Three months bank statements
·
Homeowner's Insurance company name, agent,
and phone number
·
Two years' business licenses or an accountant's
letter verifying at least 2 years income
from self-employment
From Self Employed Borrowers
for a Refinance
For full documentation loans,
self employed borrowers please provide
as much as you can of the following to
help us proceed quickly with your loan:
·
Three months bank statements
·
Homeowner's Insurance company name, agent,
and phone number
·
Two years personal federal tax returns
·
Two years business federal tax returns
·
Year to date Profit and Loss Statement
·
If you are able to find the original Owner's
Title Policy, it saves approximately 40%
of
the
cost of reissue of title.
·
Your original Survey is good as long as
you own the property, and finding it will
save you the cost
of a new one ($200-350).
For Stated Income (no documentation)
loans, self employed borrowers
please provide as much as you can of the
following to help us proceed quickly with
your loan:
·
Three months bank statements
·
Homeowner's Insurance company name, agent,
and phone number
·
Two years' business licenses or an accountant's
letter verifying at least 2 years income
from self-employment
·
If you are able to find the original Owner's
Title Policy, it saves approximately 40%
of
the
cost of reissue of title.
·
Your original Survey is good as long as
you own the property, and finding it will
save you the cost
of a new one ($200-350).
From Retired
Applicants for a Purchase or Refinance
Retired applicants, please provide as
much as you can of the following to help
us proceed quickly with your loan:
·
Three months bank statements
·
Homeowner's Insurance company name, agent,
and phone number
·
Social Security Award Letter
·
Retirement Income statement
·
If purchase, need Purchase Agreement
·
If refinance, and you are able to find
the original Owner's Title Policy, it
saves approximately 40%
of the cost of reissue of title.
·
Your Survey is good as long as you own
the property, and finding it will save
you the cost
of
a new one ($200-$350).
|
|
|
|
|
Download
it Here
