MORTGAGE LOAN APPLICATION
For most of our homebuyers, one of the first steps involves the application for mortgage financing. We will be pleased to provide you with our recommendations regarding financing sources - lenders who have a history of efficient service and a good understanding of new home mortgage lending. You may, of course, obtain financing from the lender of your choice.
Remember that the closing date of your new home is NOT determined until after completion of drywall and the first coat of paint is sprayed, and the closing date may be modified pursuant to the terms of the sale contract. Unfortunately, we cannot guarantee the completion and closing dates will definitely coincide with your loan commitment expiration date; thus, be sure to allow for a long enough commitment if you lock-in a mortgage loan interest rate.
The mortgage loan approval process consists primarily of researching and verifying your financial qualifications and financial history. The following is typically required by a mortgage lender in making an assessment of a borrower's qualification for a new mortgage loan. This information will be required of the borrower and any co-borrowers. To expedite the loan processing it is important that all of the required information be provided at loan application.
Loan Application Checklist
Documents for Lender:
- New Homes Sales Contract
- Sales contract, on present home if applicable.
- Social Security # for each borrower
- Date of birth of each borrower
- Address of residence(s) for 24 months
- If self employed or commissioned, Federal Tax return for last 2 years
- Divorce decree; bankruptcy papers
- Employment history of each borrower for a minimum of 24 months
- Name, address, zip code of all employers, past or present
- Dates of employment
- Salary
- Most recent paycheck stub
- Other permanent sources of income
- Interest/dividends
- Pension
- Disability (must supply award letter or other acceptable proof)
- Child Support
- Rental Income
- Deposit Accounts: - checking, savings, credit union, IRA's, CD's, etc.
- Name, address, zip code of each bank or credit union.
- Account number of each account and copies of last two statements for each
- Current balance
- Outstanding Loan Accounts: - furniture, auto, present mortgage, etc.
- Name, address, zip code of each bank, credit union or mortgage company
- Account number for each debt account
- Monthly payment
- Current unpaid balance
- Credit Cards:
- Name of card
- Credit card number and copies of last two statements for each
- Address, zip code
- Monthly payment
- Current unpaid balance
- Previous Credit References:
- Name, address, zip code of each bank or lending institution
- Account number
- Purpose of loan
- Highest credit
- Date paid
- Cash value of life insurance and amount in force; monthly premiums paid
- Household and personal property value
- Auto(s) year, make and model; value
- Other assets: boats, motorcycles, jewelry, etc.
- Please note that typical FNMA loan application has been included for your review (Exhibit "A")
Lending Institution: _____________________________
Address: _________________________________________
Date: ____________________ Time:__________________
Meeting With: ____________________________________
Telephone: _______________________________________
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