Loan Requirements & the Do's & Dont's
LOAN DOCUMENT CHECKLIST
_) Legible copy of Driver’s Licenses or IDs – GREEN CARD ALSO, please.
_) Copy of Social Security Cards (Government sponsored loans only)
_) Pay check stubs: Most recent 30 days
_) VA Disability Awards Letter (VA loans only)
_) Social Security/Disability Awards Letter (if applicable)
_) Retirement/Pension Awards Letter or proof of retirement income (if applicable)
_) W-2s: Most recent 2 years.
_) Current Mortgage monthly statements showing breakdown of principal & interest, taxes & insurance.
_) Personal tax returns with all schedules, please (most recent 2 years, copy of extension if applicable)
Or, if tax returns not required, exact name & address used to file taxes with, most recent two (2) years.
_) Bank statements: Most recent 2 month period, (Checking, savings) All pages, even if blank.
_) Investment, Retirement and/or 401(k) Statement: Most recent, All pages, even if blank.
_) Homeowner’s Insurance: Company & Agent.
_) Copy of Divorce Decree and any additional Child Support/Custody documents ( if applicable)
_) Copy of Business License if self-employed.
_) Copy of purchase contract; fully signed/dated by all parties.
_) Earnest money check: Copy of both sides of cancelled/cleared check.
_) Copy of bank statement evidencing Earnest Money Check being cashed.
_) Cash-to-close must be in the form of a cashier’s check…no personal checks accepted by title companies.
_) Copy of existing note (Government sponsored loans only)
_) Copy of current mortgage statement
VA LOAN, PURCHASE OR REFI:
_) DD – 214
_) Certificate of Eligibility (COE)
_) VA Disability Awards Letter (if applicable)
_) Statement of Service from Commanding Officer (if active duty)
USDA LOANS, PURCHASE OR REFI:
_) Private well test, if applicable.
_) Copy of easement agreement, copy of private road maintenance agreement (if applicable)
_) Septic tank or Lagoon Inspection or certification.
PLEASE NOTE; we may require more items to complete the loan process. Some of these items may be requested again, depending upon clarity or age of documents. There are some items not listed that we may
obtain on our own. To our knowledge, this list should complete most, if not all of the items required from you, the borrower, to complete your transaction. Also, due to increased regulations and more stringent underwriting guidelines required by the government than what was traditionally required, please make every effort to furnish the required documents by:___________. It’s essential that we receive the required documents by that date to ensure final loan approval & clear-to-close!
Thanks very much, as always, please don’t hesitate to call with any questions!
DO’S & DON’TS WHEN GETTING A LOAN
DO: save all paystubs throughout the loan process
DO: save all pages of every bank statement during process
DO: label every scanned document as detailed as possible
DO: remember that any cash-to-close or funds needed at closing will require a cashier’s check, not a personal check
DON’T: make any unusual withdrawals or deposits
DON’T: throw away any financial or otherwise related docs
DON’T: open or close any new credit accounts
DON’T: make any large purchases (like a refrigerator)
DON’T: Co-sign for anything during the loan process
DONT: miss any scheduled payments
DON’T: buy a new car or trade-up to a bigger lease
DON’T: make random, undocumented cash deposits into your bank account (very important!)
DON’T: forget to pay all bills, even the ones in dispute
WHEN IN DOUBT, ASK THE LOAN OFFICER FIRST!
Mortgage Loan Officers
Central Bank of Boone Co.
Flatbranch Home Loans