Loan Application Checklist

In general, the documentation you will need includes:

  •     Check for application fee

Property Information (if you already have a contract on a house)

  •     Purchase Agreement.

  •     Copy of legal description and MLS sheet.

  •     If you are selling your current home, copy of listing contract.

  •     If you have sold your current home, copy of settlement statement (HUD-1).

 

Income & Assets

  •     Pay stubs for the last 30 days

For the past two years:

  •     Names and addresses of each employer.

  •     W-2s

  •     Statements for each bank, mutual fund, and/or investment account for the last three months.

  •     Estimated value of personal property and furniture.

  •     If you have made any large deposits to your accounts:

  •     Explanation and source for deposit.

  •     If large deposit was a gift:

  •     Signed gift letter (lender can supply).

  •     Copy of gift check.

  •     Copy of deposit receipt.

 

If you own more than 25% of a business:

  •     Corporate or partnership tax returns.

 

If self-employed:

  •     Tax returns for the last three years (with schedules).

  •     Year-to-Date Profit and Loss Statement prepared by an accountant.

 

If you own rental property:

  •     Tax returns for the last two years and current rental agreements.

 

If you are retired:

  •     Pension Award Letter

 

If you receive Social Security:

  •     Social Security Award Letter.

 

If you are counting child support as income:

  •     Copy of divorce settlement.   

  •     Copy of twelve months of cancelled child support checks.

 

Debts:

  •     Names, addresses, account numbers, balances and monthly payments on all current loans.

 

Explanation of credit report anomalies, including:

  •     Late payments, credit inquiries in the last 90 days, charge-offs, collections, judgments and/or liens.   

  •     Bankruptcy filed within last seven years (bring a copy of your bankruptcy papers).

 

VA Loans:

  •     Copy of DD Form 214, Report of Separation.

 

Miscellaneous:

  •     Photo ID and proof of Social Security number.   

  •     Residence addresses for the past two years.

  •     If applicable, a copy of your divorce decree.

  •     If you are not a citizen, a copy of the front and back of your green card.

 

 

Remember to call Mortgages Unlimited Inc. for the best Mortgages in Maple Grove. 612-940-0780

Doug Hunt | Mortgage Consultant | NMLS # 69171

Mortgages Unlimited | NMLS #225504

7365 Kirkwood Ct. N. Ste. 300

Maple Grove, MN 55369

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NMLS #225504     |     FAIR LENDER     |     FAIR HOUSING

Mortgages Unlimited Inc. 7365 Kirkwood Court N, Ste 300, Maple Grove, MN 55369. NMLS Lic #225504 Copyright ©2019. All Rights Reserved. This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates, and programs are subject to change without prior notice. All products are subject to credit and property approval. Not all products are available in all states or for all dollar amounts. Other restrictions and Limitations apply. Mortgages Unlimited is required to disclose the following license information: Minnesota: NMLS Lic #225504. Any such offer may only be made in accordance with the requirements of Minn. Stat. Section 47.206 (3) and (4).