What you need to get ready before applying for a mortgage loan – Fearon Financial

Loan Application Checklist

In general, the documentation you will need includes your residence and employment history for the last 24 months:

A check for application fee

Property Information (if you already have a contract on a house)

Purchase Agreement.

If you are selling your current home, an estimate of you net proceeds.

If you have sold your current home, copy of settlement statement (HUD-1).

Income & Assets

Pay stubs for the last 30 days.

For the past two years:

	Names and addresses of each employer.
	Tax Returns/W-2s (all schedules)

Statements for each bank, mutual fund, and/or investment account for the last two months.

If you have made any large deposits to your accounts, we will need to get:

Explanation and source for deposit.

If large deposit was a gift:

	Signed gift letter (We will supply).
	Copy of gift check.
	Copy of deposit receipt.

If you own more than 25% of a business:

Corporate or partnership tax returns.

If self-employed:

Tax returns for the last three years (with schedules).

If you own rental property:

Tax returns for the last two years and current rental agreements.

If you are retired:

Pension Award Letter.

If you receive Social Security:

Social Security Award Letter.

If you are counting child support as income:

	Copy of divorce settlement.
	Copy of twelve months of cancelled child support checks.

Debts

Estimated balances and monthly payments on all current loans and credit cards. We will pull your credit to determine actual amounts.

Explanation of credit report anomalies, including:

	Late payments, credit inquiries in the last 90 days, charge-offs, collections, judgments and/or liens.
	Bankruptcy filed within last seven years (bring a copy of your bankruptcy papers).

VA Loans

Copy of DD Form 214, Report of Separation.

Miscellaneous

Photo ID and Copy of Social Security Card (FHA loans).

Residence addresses for the past two years.

If applicable, a copy of your divorce decree.

If you are not a citizen, a copy of the front and back of your green card.

Phone: