Documentation

Loan Application Checklist

November 30, 2009 by Rob Spring · Leave a Comment 

Loan Application Checklist

In general, the documentation you will need for a “FULL DOC” loan:

 

(Download a copy of this list in PDF Format)
Documents needed for a Full Doc Mortgage- PDF.pdf

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

 
Purchase Agreement (signed by all parties).

 
Copy of legal description and MLS sheet.

 
If you are selling your current [...]

FHA Loans – Qualifying Using Non-traditional Credit

November 29, 2009 by Rob Spring · Leave a Comment 

There are numerous reasons why an FHA loan might be the best choice for your loan.  One of the greatest reasons is that non-traditional credit can be used to help you qualify.  Non-traditional credit also called “Alt-tradelines” do not show up on a traditional credit report, but FHA allows those types of accounts to be [...]

Reduced Documentation Loans

November 23, 2009 by Rob Spring · Leave a Comment 

For all Reduced or Low Documentation loans

Social Security Number, for borrower and co-borrower if any
Employment History
For the last two years, employment dates, addresses, “stated” salary
(income must be deemed “reasonable” by the underwriter)
Liabilities and Other Non-Mortgage Debt
Creditors names, addresses, account numbers
Monthly payments and balances

Other income information you may need

If you’re self-employed
A letter signed by your CPA, indicating what type [...]

What Documentation Will I Need for My Loan?

November 23, 2009 by Rob Spring · Leave a Comment 

For all Full/Alt Documentation Loans (an overwhelming majority of loans)

Social Security Number, for borrower and co-borrower if any
Employment History
For the last two years, employment dates, addresses, salary.
Current pay stubs or W-2 forms.
Check and Savings Accounts and Certificates of Deposit
Location of bank accounts, account numbers and balances;
Address of bank if out of town
Last 3 months’ statements
Stocks, [...]

Reading the HUD-1 Settlement Statement

November 20, 2009 by Rob Spring · Leave a Comment 

The HUD-1 Settlement Statement
 The HUD-1, also known as the settlement statement, is a prescribed form from the U.S. Department of Housing and Urban Development (HUD). This form itemizes all charges imposed on the borrower and all charges imposed on the seller in connection with the settlement of your real estate transaction. One business day before [...]