Information Required for loan application
It can be confusing when you’re going for a loan application to know what information your loan originator will require so I thought I would share with you some of the information you will be asked for.
First Personal Information: Names of buyers as you would like them to appear on the deed. Social Security numbers of all buyers. Present addresses of all buyers going back least two years. Home, work and cell phone numbers.
Employment Information. Present employer’s name, address and a contact person to whom an employment verification form may be sent. Previous employer name and address going back two years if not in present job a full two years. Present salary ( Year to date pay stubs and last two years W-2) Variable income: Commissions, Part time income, bonus, overtime and/or interest income used to qualify, Supply 2 yrs signed federal, personal and business tax returns and W-2s and/or 1099s.
Self Employed: Supply 2yrs federal, personal and business tax returns, a profit and loss statement and a balance sheet.
Other Income: Rental Income. Supply a copy of a current lease that is in effect for at least 12 months. Alimony and child support if you use for qualification, supply copy of divorce and property settlement showing terms. Proof of payments is also necessary. Income from notes held, copy of ratified note. Retirement, social security and disability income. Supply copy of award letter and latest check showing amount of present payment. Copy of year-end statement if applicable, may be necessary.
You will need to supply all of your assets: Bank statements, Stocks and Bonds, Mutual funds, Life Insurance if applicable. Vehicles you own, plus any real estate you own.
You will need to supply all of your liabilities: All loans, Auto, mortgages, personal, with account numbers and loan balance. Credit cards with account numbers and outstanding balances, plus any child support or alimony you are obligated to pay.
I do hope this overview of loan application will be helpful to you. Sheila
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