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What Information is Needed for a Loan Application?

Loan Application Tags: , , ,

A. PERSONAL INFORMATION

  •  Full names of all purchases as they are to appear on the title
  • Social Security numbers of all purchasers
  • Present residence address for all purchases going back two years if they have not resided in the present home for two years
  • Home and office phone numbers

 

B. EMPLOYMENT INFORMATION

  •  Present employer name, address and a contact person to send an employment verification form to
  • Explanation for any gap during a two year history
  • Relocation letter for any transfers – giving date, salary, new location, and any relocation benefits
  • Previous employer name, address and a contact person, going back two years if not at  present job for two years
  • Present salary, pay stub and last 3 years W-2’s
  • If any variable income, commission, part time income bonus, overtime, interest income, etc
  • If self employed, 2 years signed federal individual and corporate, if there is corporate, returns. Also, a profit and loss statement and balance sheet
  • Diploma or transcript if student during the past 2 years

 

C. OTHER INCOME

  •  Rental income, copy of lease which is current and a least one year in length
  • Alimony and child support is only used for qualification. Copy of divorce decree and property settlement
  • Income of ratified income notes held
  • Retirement, Social security, disability income, copy of award letter and latest check showing amount of present payment

 

D. ASSETS

  •  Bank accounts: Name of bank, address, account numbers, types of accounts and present balances
  • Copy of 2 most recent statements for all accounts
  • Stocks and Bonds, copy of certificates or copy of recent (within 30 days) broker listing the holdings
  • Life insurance: Cash value, only if being used for down payment
  • Vehicles year and make value. Copy of the title if under 4 years with no lien
  • Address and market value of real estate. If free and clear, deed or release, deed or mortgage payoff
  • Present home: Copy of sales contract, settlement sheet or lease
  • Gift Letter form will be provided by the financial representative. Donor capacity must be verified and receipt of funds must be shown in the account

 

E. LIABILITIES

  •  Credit card account numbers and outstanding balance and most recent statement
  • Loans: Auto, mortgage, personal, student, etc. Name of institution address, account numbers, outstanding balances, monthly payment, months left on loan
  • Alimony and child support: Copy of ratified decree and property settlement setting out terms

 

F. VA LOANS

  • To obtain a certificate of eligibility you will need a DD-214 (separation of service), or if in service, you will need statement of service signed by commanding officer or personnel officer
  • If in the service you will need authorization to live off base (DD-1747 from housing office) and transfer orders (if applicable)

 

G. PAYMENTS MADE AT APPLICATION

  •  Appraisal
  •  Credit Report

 

H. PRESENT HOME

  •  Listing
  • Sales Contract
  • Settlement Sheet (if sold within the past year)
  • Name and address of present landlord
  • Deed for refinances only

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