For a Quick Easy Loan Approval:Have These Items Ready When You Apply For a Loan


For a Quick Easy Loan Approval:

Have These Items Ready When You Apply For a Loan

•Income Items

◦W2 forms for the last two years

◦Most recent pay stubs covering a 30 day period

◦Federal tax returns (1040’s) for the last two years, if:

■you are self-employed

■earn regular income from capital gains

■earn sizable interest income, etc.

■earn more than 25% of your income from commissions or bonuses

■own rental property

■or are in a career where you are likely to take non-reimbursed business expenses).

◦Year-to-Date Profit and Loss Statement (for self employed)

◦Corporate or Partnership tax returns (if you own more than 25% of the business)

◦Pension Award letter (for retired individuals)

◦Social Security Award letters (for those on Social Security)

•Asset Items

◦Bank statements for previous two months (sometimes three) on all accounts. All pages, even if you don’t think them important.

◦Statements for two months on all stocks, mutual funds, bonds, etc

◦Copy of latest 401K statement (or other retirement assets because they can count as reserves)

◦Explanations for any large deposits and source of those funds

◦Copy of HUD1 Settlement Statement on recent sales of homes

◦Copy of Estimated HUD1 Settlement Statement if a previous home is for sale, but not yet closed

◦Gift letter (if some of the funds come as a gift from a family member – the lender will supply a blank form)

◦Gifts can also require:

■Verification of donor’s ability to make the gift (bank statement)

■Copy of the check used to make the gift

■Copy of the deposit receipt showing the funds deposited into bank account or escrow

◦Note: many get their statements of various kinds over the internet and these are not always acceptable to lenders, especially when the printed version does not contain the borrower’s name, account number, and the name of the institution.

•Credit Items

◦Landlord’s name, address, and phone number (if you rent – for verification of rental)

◦Explanations for any of the following items which may appear on your credit report:

■Late payments

■Credit inquiries in the last 90 days

■Charge-offs

■Collections

■Judgments

■Liens

◦Copy of bankruptcy papers if you have filed bankruptcy within the last seven years

•Other

◦Copy of purchase agreement (if you have already made an offer)

◦To document receipt of child support (if you desire to show it as income)

■Copy of Divorce Settlement (to show the amount)

■Copies of twelve months canceled checks to document actualreceipt of funds

•FHA Loans

◦Copy of Social Security Card (or other documentation of social security number)

◦Copy of Driver’s license

•VA Loans

◦Copy of DD214

•Refinances

◦Copy of your most recent monthly mortgage bill

◦The following cannot hurt to have ready, but are not as necessary as they once were:

Copy of Note on existing loan

Copy of HUD1 Settlement Statement on existing loan

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Author: Louisville Kentucky Mortgage

I have helped over 589 Kentucky families buy or refinance their home over the last 18 years. Realizing that this is one of the biggest, most important financial transactions a family makes during their lifetime, I always feel honored and respected when I am chosen to originate their personal home loan. You can count on me to deliver on what I say, and I will always give you honest, up-front personal attention you deserve during the loan process. I have several advantages over the large banks in town. First, I can search and negotiate for your loan options through several different mortgage companies across the country to get you the best deal locally. Where most banks will offer offer you their one set of loan products. I have access to over 10 different mortgage companies to broker your loan through to get you the best pricing and loan products that may not fit into the bank's program due to credit, income, or other underwriting issues. You will not get lost in the shuffle like most borrowers do at the mega banks; you're just not a number at our company, you are a person and we will treat you like one throughout the entire process. Give us a try or let us compare your options on your next mortgage transaction. Call me locally at 502-905-3708. Free Mortgage Pre-Qualifications same day on most applications. Email me at kentuckyloan@gmail.com with your questions I specialize in Kentucky FHA, VA ,USDA, KHC, Conventional and Jumbo mortgage loans. I am based out of Louisville Kentucky. For the first time buyer with little money down, we offer Kentucky Housing or KHC loans with down payment assistance. This website is not an government agency, and does not officially represent the HUD, VA, USDA or FHA or any other government agency. NMLS# 57916 http://www.nmlsconsumeraccess.org/ Joel Lobb Senior Loan Officer (NMLS#57916) American Mortgage Solutions, Inc. 800 Stone Creek Pkwy, Ste 7, Louisville, KY 40223 phone: (502) 905-3708 Fax: (502) 327-9119 kentuckyloan@gmail.com Company ID #1364 | MB73346 http://mylouisvillekentuckymortgage.com Equal Housing Lender

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