What information will be needed for the loan application (and how it's kept private)

June 15th, 2018 3:01 PM by Andrew Walter May CEO

Anything you submit over our website is 100 percent, fully secure. And we never, ever share it with anyone except by permission -- that is, if you're giving us information you want us to use to get you the best loan, we use that information to tell mortgage lenders about you and convince them to loan you money. In turn, those mortgage lenders are bound by federal law to keep your information secure. We work for you, the borrower, to find the best loan program from thousands of loan programs (banks usually just offer bank products). We shop the lenders for you and find you the best deal we can.

Here is a list of the information mortgage lenders will use to consider your loan application.


For All Loans:

  1. Social Security Number, for borrower and co-borrower if any

  2. Employment History

  3. For the last two years, employment dates, addresses, salary.

  4. Current pay stubs or W-2 forms.

  5. Check and Savings Accounts and Certificates of Deposit

  6. Location of bank accounts, account numbers and balances;

  7. Address of bank if out of town

  8. Last 3 months' statements

  9. Stocks, Bonds, and Investment Accounts

  10. Broker's name and address, description of stocks, bonds, etc.

  11. Last 3 months' statements or copies of stock certificates

  12. Life Insurance Policies

  13. Insurance company, policy number, face amount, cash value, if any

  14. Retirement Plan

  15. Approximate vested interest value

  16. Copy of latest statement

  17. Automobiles

  18. Make and model of automobiles, their resale value

  19. Other Assets

  20. Market value of personal and household property

  21. Liabilities and Other Non-Mortgage Debt

  22. Creditors names, addresses, account numbers

  23. Monthly payments and balances

Other income information you may need

If you're self-employed:

  • Two years tax returns, profit and loss statements, both company and personal if separate.

  • Current balance sheet and profit and loss statement if more than two months into the new fiscal year, signed by CPA.

If you have income from:

  • Commission

  • Overtime

  • Bonus

  • Partnership

  • Rental Property

  • Trust

  • Notes Receivable

  • Interest/Dividends

You'll need two years' personal federal tax returns

If employed in family business

  • Personal federal income tax returns and all schedules for the past two years

If divorced or separated

  • Complete executed divorce decree and settlement agreement

  • Payment history of alimony/child support over the past 12 months, if it is a financial obligation.

  • If you choose to have this be considered as part of your income (you don't have to), be prepared to provide 12 months canceled checks or bank statements reflecting income deposits.

If you own real estate

  • Name and address of all mortgage lenders for the past 24 months

    • account numbers

    • monthly payments

    • balances

If you've sold your home but not closed:

  • A copy of the sales contract

If you've sold your home, closed, and you will use the proceeds for your new down payment:

  • A copy of the HUD-1 Uniform Settlement Statement


If you rent

  • Name, address and phone number of landlords for the past 24 months

If you’re buying a home

  • Purchase sales contract or offer to purchase and all addenda

  • Furnish contract with original signatures of buyer and seller

If a source of your down payment is a gift:

  • Name, address and relationship of donor.

  • Gift funds will be verified in both the donor and recipient accounts.

Note: Not all loan programs allow gifts to be part of your down payment.

For FHA Financing

  • Evidence of Social Security Number and photo identification

For VA Financing

  • DD214 and Certificate of Eligibility

For Construction/Perm Loan

  • Signed construction with cost breakdown, builder plan and specifications

Posted in:General
Posted by Andrew Walter May CEO on June 15th, 2018 3:01 PM


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