Loan Application Checklist

  1. Name, age and Social Security number of borrower and co-borrower.
  2. All household income and/or family income to be applied to the loan agreement.
    • Name and address of all employers for the past two years.
    • Position and length of time on job(s).
    • Income - base salary, average overtime, commissions, bonuses, capital gains, etc.
    • Documentation of any child support payments if they are to be counted as income.
    • Verification of Social Security benefits, VA benefits, etc.
    • If self-employed, provide copies of federal income tax returns (with Schedule C) for 2 years.
    • Last paycheck stub.
  3. Information as to all sources of money to be used for the down payment and closing costs.
  4. Bank accounts (checking and savings); including the name and addresses of the banks, name(s) accounts are in, account numbers and current balances.
  5. Stocks and bonds - types and current market value.
  6. Life insurance - amount of coverage and approximate cash value.
  7. Year, make and current market value of automobile(s).
  8. Approximate value of furniture owned presentlly.
  9. Account numbers, monthly payments and current balances of all open credit accounts, loans including names and addresses to whom payments are made.
  10. Information on any and all paid accounts in relation to No. 9 going back at least 2 years.
  11. Typed letter explaining any adverse credit history, including bankruptcy. Explain circumstances and furnish copy of schedule of bankruptcy, reinstatement of debts, etc.
  12. Monthly house/rent payments and average monthly utility bills.
  13. Copy of Purchase Agreement and Listing Sheet with legal description.
  14. Bring your checkbook. You'll need to pay about $250 at the time of application for an appraisal fee and credit report.
  15. If the property being purchased is on a septic system and/or well, be prepared to spend $40-$60 in a check for a Health and Hospital Inspection at the time of application.

 

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