Pac First Mortgage
Phone: (877) 998-3480
Fax: (541) 998-3490
Email: carterr@PacFirstMortgage.net
 

Materials Needed For Loan Interview


LOAN INTERVIEW


MATERIALS CHECKLIST

For a Quick Easy Loan Approval:
Things to Have Ready When You Apply For a Loan


It used to be that lenders mailed out verifications to employers, banks, mortgage companies, and so on, in order to verify the data supplied by borrowers. Nowadays, things move faster.  "Alternate documentation" has become more widely used.

Alternate documentation means that underwriting answers can be obtained with information supplied directly from the borrower instead of waiting around for verifications to come back in the mail.

The following page lists the items you will most likely need to speed the processing of your home loan.  Items may differ according to whether your loan is a confoming (Fannie Mae or Freddie Mac), non-conforming (jumbo) loan, government loan, or a portfolio loan.

Verifications are still mailed out, but usually as part of quality control procedures.

Income Items
  • W2 forms for the last two years
  • Most recent pay stubs covering a 30 day period
  • Federal tax returns (1040’s) for the last two years,if:
    • you are self-employed
    • earn regular income from capital gains
    • earn sizable interest income, etc.
    • earn more than 25% of your income from commissions or bonuses
    • own rental property
    • or are in a career where you are likely to take non-reimbursed business expenses).
  • Year-to-Date Profit and Loss Statement (for self employed)
  • Corporate or Partnership tax returns (if you own more than 25% of the business)
  • Pension Award letter (for retired individuals)
  • Social Security Award letters (for those on Social Security)
Asset Items
  • Bank statements for previous three months on all accounts. All pages, even if you don't think them important.
  • Statements for two months on all stocks, mutual funds, bonds, etcetera
  • Copy of latest 401K statement (or other retirement assets because they can count as reserves)
  • Explanations for any large deposits and source of those funds
  • Copy of HUD1 Settlement Statement on recent sales of homes
  • Copy of Estimated HUD1 Settlement Statement if a previous home is for sale, but not yet closed
  • Gift letter (if some of the funds come as a gift from a family member - the lender will supply a blank form)
  • Gifts can also require:
    • Verification of donor’s ability to make the gift (bank statement)>
    • Copy of the check used to make the gift
    • Copy of the deposit receipt showing the funds deposited into bank account or escrow
  • Note:  many get their statements of various kinds over the internet and these are not always acceptable to lenders, especially when the printed version does not contain the borrower's name, account number, and the name of the institution.
Credit Items
  • Landlord’s name, address, and phone number (if you rent - for verification of rental)
  • Explanations for any of the following items which may appear on your credit report:
    • Late payments
    • Credit inquiries in the last 90 days
    • Charge-offs
    • Collections
    • Judgments
    • Liens
  • Copy of bankruptcy papers if you have filed bankruptcy within the last seven years
Other
  • Copy of purchase agreement (if you have already made an offer)
  • To document receipt of child support (if you desire to show it as income)
    • Copy of Divorce Settlement (to show the amount)
    • Copies of twelve months canceled checks to document actual receipt of funds
FHA Loans
  • Copy of Social Security Card (or other documentation of social security number)
  • Copy of Driver’s license
VA Loans
  • Copy of DD214
Refinances
  • Copy of your most recent monthly mortgage bill
  • The following cannot hurt to have ready, but are not as necessary as they once were:
    • Copy of Note on existing loan
    • Copy of HUD1 Settlement Statement on existing loan



There may be some special situations that require you to supply additional information.
These may include:

  • If you are self-employed or work on a commissioned basis, you should bring your federal tax forms for the past two years and a current year-to-date profit and loss statement.
  • If you are separated or divorced, you should bring a copy of your divorce decree and separation agreement. Also bring documentation on alimony or child support payments you are required to make or you receive as income. Proof of this income can be the clerk of court's history of payments or canceled checks for the past year.
  • If you include pension, disability, Social Security, or other public assistance as part of your income, you'll need to bring a copy of an award certificate or a check from the issuing agency.
  • If you have a bankruptcy, foreclosure, or any judgments against you over the past seven years, you'll need to bring relevant information about the proceedings. Such information includes a copy of the bankruptcy discharge and schedule of both debts and assets. An attorney's letter that discusses the outcome of the proceedings should be included if there are judgments against you.


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© 2007 Pac First Mortgage