Residential Loan Application Checklist

In general, the documentation you will need includes:
Check for the Association application fee (if applicable).
Property Information (if you already have a contract on a house)
Purchase Agreement and copy of desposit (EMD).
Copy of legal description and MLS sheet.
If you are selling your current home, copy of listing contract.
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 2 years:
 

Names and addresses of each employer.

Federal Tax Returns (all schedules) and W-2s/1099s.
Asset Statements for each bank, mutual fund, and/or investment account for the last 2 months (all pages).
Estimated value of personal property and furniture.
  If you have made any large deposits to your accounts:
 

Explanation and source for deposit.

 If downpayment is a gift:
 

Signed gift letter (lender can supply).

 Copy of gift check.

 Copy of deposit receipt.
  If you own more than 25% of a business:
 

Corporate or partnership tax returns (all schedules).
  If self-employed:
 

Tax returns for the last 3 years (all schedules).

 Year-to-Date Profit and Loss Statement prepared by an accountant/CPA.
  If you own rental property:
 

Tax returns (all schedules) for the last 2 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 12 months of cancelled child support checks.

Debts

Names, addresses, account numbers, balances and monthly payments on all current loans or liabilities can be established with a new credit report.
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 7 years (bring a copy of your bankruptcy papers).

VA Loans

Copy of DD Form 214, Report of Separation.

Miscellaneous

Photo ID and Social Security Card.
Residence addresses for the past 2 years.
If applicable, a copy of your divorce decree.
If you are not a citizen, a copy of the front and back of your Resident Alien Card.

If you have any questions about the required documentation, call Justin Smilen at 561-716-5146 or myself at 561-313-4975.
5550 Glades Rd Ste 101 Boca Raton, FL 33431-7206
Phone: Cell: Fax:

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