Buying Basics - Loan Application Checklist

 

 

In general, the documentation you will need includes:

 

Copy of driver's license or other type of identification.

 

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.

 

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Refinance

We can assist you in locking a long-term fixed rate or refinance and get cash out.  We can help!  To get started click here

Purchase

Purchasing a home will likely be one of the most important investments you'll ever make. We can help!  To get started click here

FHA loans

FHA home loans provide higher loan to value, lower rates and enable more people to qualify.  We're FHA experts... We can help!
To get started click here

 

 

 

Not all programs are available in all areas. Program restrictions apply.

• Stearns Lending, Inc., 4 Hutton Centre Drive, Suite 500, Santa Ana, CA 92707 is licensed, registered, or exempt from licensing to conduct business in: Alabama Consumer Credit License (#21191); Arizona Mortgage Banker (#0905413); Arkansas Banker/Broker/Servicer License (#102360); licensed by the Department of Corporations under the California Residential Mortgage Lending Act and the California Finance Lender Act; Colorado Lender Exemption; Connecticut Mortgage Lender License (#15262); Delaware Mortgage Lender (011236); District of Columbia Dual Authority (#MLB1584); Florida Mortgage Lender License (#ML0701266); Georgia Residential Mortgage Lender License (#24066); exempt as a Foreign Lender in Hawaii; Idaho Mortgage Broker/Lender License (#MBL-3005); Illinois Residential Mortgage License (mb.6760686); Indiana First Lien Mortgage Lending License (#15640); Iowa Mortgage Banker License (#2009-0047); Kansas Mortgage Company License (MC.0025047); Maryland Mortgage Lender License (#10847); Massachusetts Mortgage Lender License (#ML3335); Montana Mortgage Lender License (#1854); Nebraska Mortgage Banker License (#2082); Nevada Mortgage Banker License (#3577); Nevada Mortgage Broker License (#3578); New Hampshire, Licensed by the New Hampshire Banking Department Mortgage Banker License (#15083-MB); New Jersey Residential Mortgage Lender License (#0806377); New Mexico Mortgage Company License (#01457); North Carolina Mortgage Lender License (AL-148477); Oklahoma Mortgage Broker (#MB001662); Oregon Mortgage Lending License (#ML-1041); Pennsylvania Mortgage Lender License (#28788); South Carolina Mortgage Lender License (#1854); Rhode Island Lender License (20092625LL); Tennessee Mortgage License (#4320); South Dakota Mortgage Lender License (ML.04912); registered in Texas under the registration #55403; Utah DRE Mortgage Entity (#5780454); Licensed by the Virginia State Corporation Commission MC-2184; Washington Consumer Loan Company License (#520-CL-23808); West Virginia Mortgage Lender License (#ML-30447); Wisconsin Mortgage Banker License (#696677); Wyoming Mortgage Lender/Broker (MLB 2135).

• NMLS number for Stearns Lending Inc. is 1854.

• Not all branches are licensed in every state; please contact your local office to determine eligibility.

• “All loan programs are subject to Stearns Lending underwriting guidelines. Approvals may be subject to appraisals and other documentation. Interest rates, loan terms, and other information on this website are subject to change without notice.”

• Disclaimer: Information accurate as of January 26, 2011