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What do I need to provide to my loan officer for loan approval?

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Gary Ricco, "Santa Clarita PSC"

Real Estate Agent
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Home Buyers can uses this FHA Loan Checklist to Prepare for a Smooth Application Process. Before you start the FHA loan process, be prepared to provide some information to your loan officer. Have it ready now to save time later.
  • Address to your place of residence (past two years)
  • Social Security numbers
  • Names and location of your employers (past two years)
  • Gross monthly salary at your current job(s)
  • Pertinent information for all checking and savings accounts
  • Pertinent information for all open loans
  • Complete information for other real estate you own
  • Approximate value of all personal property
  • Certificate of Eligibility and DD-214 (for veterans only)
  • Current check stubs and your W-2 forms (past two years)
  • Personal tax returns (past two years), current income statement and business balance sheet for self-employed individuals
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May 14 - Santa Clarita
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Iwona Wojcik, "iwona76"

Real Estate Agent

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Depending on lender you need:
- 2 Years most recent Tax Returns
- W2 and/or 1099's if self employed
- Recent Pay-Check Stubs
- Bank Statements
- Rent recepits from your current residence (if renter)
Good Luck! 
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September 03
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Jerodscv

Santa Clarita Valley

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Your first step should be to speak with a few different lenders and shop for the best rate, once you find a lender you are comfortable with, set up a formal secondary appointment where you will go over documentation and fill out necessary documents (ex. 1003 Loan Application). This application will have pertinent information that you need to provide in the way of Debts & Assets, employment information, residence information, etc.

As for other supporting document, you will typically be asked to provide the following:

- 2 Years most recent Tax Returns
- W2 and/or 1099's if self employed
- Recent Pay-Check Stubs
- Bank Statements/IRA Statements/401k Statements to prove assets & seasoned monies. 

Hope this helps!
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September 02
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Linda Strasberg, "L Strasberg"

Real Estate Agent

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I have a standard form that I hand out to my buyer's.  I call on a few of my lenders if they don't have one...I like to get folks pre-approved...then all we have to do is locate the right home and present a good offer.
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May 15
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Gene Mundt, "profmortgagebanker"

Mortgage Lender

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This is the handout I provide when speaking to a potential buyer/applicant.  Obviously, the fee for applying can vary from lender to lender, but it should provide a ballpark figure for you to consider.  Because lending has become more challenging in the present financial market, and also because lending is a highly individualized act, additional information may be required to address your lending needs. 
If you have questions, please let me know.

Information Required When Applying For Mortgage Basic Information: 1. Last 2 years W-2's and Tax Returns.2. Last 30 Days consecutive Pay stubs.3. Name, Address and Telephone Number(s) of Employers for past 2 years4. Last 2 months Bank Statements (all pages) or a 60-Day printout of accounts from the Bankthat is stamped and signed. (Including 401K, Credit Union, Profit Sharing, etc.)5. Copy of Social Security Card(s). (FHA/VA only)&Driver's License (all Borrowers).6. Name, Address and Telephone Number(s) of Landlord or letter from Landlord stating amount of Monthly Rent and the Statement "Paid as agreed for past 12 months" (if presently renting).7. Application Fee (Typically $399.00. Credit or Debit Card Preferred.)8. Signed Contract and all Riders on home being purchased.9. Names and Phone Numbers of Real Estate Agent, Attorney and Insurance Agent. Miscellaneous Information Needed - if Applicable: 1. Recorded Divorce Decree(s) or Separation Agreements (All Pages).2. Recorded Bankruptcy Discharge and Schedule of Creditors.3. Most recent Social Security Award Letter or Pension Award Letter.4. Filed and Stamped Release of any Judgment and Paid Receipts of all Collections.5. 12 Month Court Printout of Receiving Child Support.6. Address and Information on any other Real Estate owned. Self-Employed Buyers:   In addition to Basic Information 1. Year-to-Date Profit and Loss Statement with complete Tax Returns.    (Last 2 years filed) Veterans:  In addition to Basic Information 1. Copy of DD-214.2. Original Certificate of Eligibility.   
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May 15
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sharon_6

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The documentation you need to provide the lender will depend on the type of financing you seek.  However, you will at least need to provide:

Current employment info.
Social Security.
Signed authorization to order a credit report.
W2's/ paystubs, or 1099 if self employed   Savings account information
Tax returns
Current debts including any other real estate you own
And there may be other documentation required.

The lender is verifying that you will be able to pay back the loan and that is why they require so much detailed information. Because of the failure in the housing market, lenders are much stricter now on what is required.

Please let me know if I can be of service.
Sincerely,
Sharon Lajer
Broker, GRI, Realtor, QSC


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May 14
 

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