Loan Preparation Guide

 

Whether you are a first-time homebuyer or are simply ready to make a change, it's a good idea to prepare for the loan process beforehand. Here is a detailed list of the information you will need for your application.

Residence History

• Your previous addresses for the last two years
• Length of time you lived in each place
• If you currently rent, your landlord's name and address (for the last 12 months)

Employment History and Income History

• The names and addresses for all your employers for the last two years
• The dates you worked at each place of employment
• A letter explaining any gaps in your employment in the last two years
• Your original pay stubs from the last 30 days
• Your most recent two years' W-2s
• Your most recent two years' 1040s

If you are self-employed, you will need:

• A year-to-date profit and loss statement
• Current balance sheet

If retired or disabled, you will need:

• An award letter
• A copy of your most recent check for retirement, social security or disability income

If you were a student in the last two years, you will need a transcript or diploma.

 

Outstanding Loans and Credit Cards
All coupon books or most recent statement for every account you have open.

All Savings, Checking or Investment Accounts

• Your most recent three months' bank statements for any IRAs, Koeghs, 401(k)s or profit sharing you may have
• The name and address for each financial institution with which you have an account
• All account numbers
• The current balance or value for all accounts

 

All Real Estate Currently Owned

• The property address
• Estimated market value
• Outstanding loan balance
• The amount of your monthly payment
• If applicable, the amount of your monthly rental income

 

 

 

 

 

*Other criteria may apply