Items Needed For The Loan Application

This is a list of items needed to start your loan process. Please take time to gather all the items listed for your loan process. Any missing items can delay the start of your loan application.

Items Needed To Start Your Loan Application:

• Most recent paycheck stubs covering the last 30 consecutive days.
• Two (2) months bank statements, all pages (checking, savings, credit union, etc.)
• Most recent quarterly or monthly 401K, IRA, or Stock investment statements.
• Last two year's W-2's.
  --If you are paid by commissions, bonuses part time, or self-employed; the last two years of tax returns are needed.
• List of debts with balances & minimum payments (car payments, bank loans, and charge cards).

Please provide the following if applicable:

• Fully signed divorce decree (if applicable).
• If child support is used as income, a 12-month print out from the child support office is needed.
• If you are selling a home, bring a copy of the sales contract.
• If you own rental property, a copy of the rental agreement and the last two-year's tax returns.
• If you own property free and clear, a copy of the Release of Lien.
• For VA loans only - DD 214 & Certificate of Eligibility.
• Bankruptcy Papers all pages - Discharge Papers.

Refinance Information: (If you are refinancing in addition to the information above):

• Current Mortgage Statement - Phone Number, Address
• HUD - 1 Settlement Statement
• Survey / Blue Line
• Title Policy Schedules A & B
• Insurance Information: Company, Phone Number and Agent Name

Print

Top

You Have 2 Different Options To Make A Loan Application

1. You can complete the Loan Application Online or
2. You can Print The Loan Application to your local printer and fax it to my metro fax number 817-849- 8849.

If you choose to print the Loan Application you will need Adobe 5.0 or higher. If you do not have this, please click below on the Adobe link to download this free of charge.

Thank you for your time and interest. If you need help, please complete as much as you can, then call me. I look forward to working with you.

Print

Top

Types of Loans

As a Mortgage Banker we process, underwrite and close all our loans from start to finish. We can also place those “out of the ordinary” loans due to income, credit and other unique situations. This is what makes us a “One Stop Shop!”

We have Automated FHA, VA & Conventional Underwriting at loan application! This breaks all the “molds” of traditional underwriting.

100% Financing Options

• 100% - 1 Single Loan - Seller Can Pay Up To 3% Of Closing Cost
• 100% - 2 Loans Split Up - 80/20
• 103% - 1 Single Loan - Closing Cost Rolled In
• FHA - With Seller Gift Program
• VA - No Down Payment Required
• Conv - Interest Only Loans

Stated Income / No Income Verification

• 100% - Financing With No Income Verification
• Stated Income & No Asset Verification
• Self Employment Allowed

Interest Only Loans

• 100% Interest Only Loans
• 95% Interest Only – Pay On Interest Amount Only

Government & No PMI Loans

• FHA / VA Texas Veterans Land Board
• 80-15-5 Loans – Great Credit Required
• 80-10-10 Loans – Good Credit Required
• 97%, 95%, 90% 85%, 80% With Good & Not So Good Credit

Print

Top

New Loan Limits:

Conventional - $ 417,000

Jumbo - $ 417,001 & above

FHA -Tarrant, Parker County, Dallas, Denton, Collin, and Wise $ 271,050

VA - $417,000

_________________________________________________________________

FHA - Only 3% Required Investment.

VA - No Down Payment Required.

Print

Top

After The Loan Application - What Do You Need To Do Next?

• Provide any items still needed - ASAP!
• Interest Rate Locked In - Rates change everyday.
• Homeowners Insurance Policy - Contact your insurance provider.
• Termite Report - Fax the termite report to us immediately.
• Loan Approval - I will call you to let you know when you are approved.
• Closing - You will need certified funds (cashiers check) for the exact dollar amount. It is OK to get more than necessary. Closings are scheduled with you title company between the hours of 8:30 am and 5:00 pm, Monday through Friday. If you are married, you will both be required to attend.
• If applicable - Water Wells & Septic Systems will need a health inspection.

Print

Top

The 3 Different Steps Your Loan Will Go Through!

1. Pre-Qualification – This is where we look at your total income, debts, credit, savings, money needed to close and your proposed monthly payment.

2. Loan Application – This is when your employment, income, debts and assets are put together and we start the verification process.

• Verifications : This is when your employment, income, money for closing, credit report, appraisal, title work, survey, and rent history are verified. All items must be received before your file is ready for underwriting. We are trying to meet your closing date. Rushing everything in at the last moment can delay your closing.
• Underwriting/Approval : The underwriter has the responsibility of making sure that your loan meets all the necessary guidelines. Additional documentation may be requested before final loan approval.

3. Closing: This is where you sign the final documents and you become the new homeowner. Your Realtor / Builder will make an appointment for you with the Title Company. If this date changes, we need to know as soon as possible. Any changes without all parties involved may delay your closing. You will need a **Cashiers Check made out to the Title Company. The Title Company will provide you with the final amount needed approximately 24 hours before closing. The figures on your Good Faith Estimate should be close to what is needed. Remember that the Good Faith Estimate is an estimate, not an exact amount. Please have the following taken care of before closing:

• Clear Termite Report - Fax to our office & bring original to closing.
• Homeowners Insurance - Contact your agent immediately and have him call us within 3-5 days of signing the sales contract for your new home.

** Cashiers Check - You will need certified funds for the exact dollar amount. It is OK to get more than necessary. Closing are scheduled with your title company between 8:30 am and 5:00 pm Monday through Friday. If you are married, you will both be required to be there. Call me if you have any questions on this.

Print

Top

What You Need At Closing

Please Remember We Need The Following BEFORE Closing!

1. Clear Termite Report - Fax to our office & bring original to closing.

1. Homeowners Insurance - Contact your agent immediately and have him call us within 3-5 days of signing the sales contract on your new home.

Cashiers Check - You will need certified funds for the exact dollar amount. It is OK to get more than necessary. Closing is scheduled with your title company between 8:30 am and 5:00 pm Monday through Friday. If you are married, you will both be required to be there. Call me if you have any questions on this.

What You Can Do To Speed Up The Loan Process

• Quickly provide everything requested. This is very important.

• Don’t transfer or add money to any of your accounts (more than about $250) without saving documentation of where it came from, i.e. a paycheck stub or a copy of the check you're depositing. We need a paper trail of all deposits during this period of time.

• Try not to add debt between loan application and closing in case we have to re-verify your debts at the last minute.

Print

Top

Credit Information

You should review your credit at least once a year. This will help make sure that everything is accurate on your report.  The following is a list of the 3 different credit bureaus.  Please call me if you have any questions on your credit reports or how to dispute inaccurate information. There may be a small cost from each of the bureaus to order your credit information.

There are 3 different credit repositories / bureaus that store all the credit information in the United States.  Each one of the three may have the same or different information.  One credit bureau's information may be more updated than another's.  It is very important to check all three just to make sure that there is no inaccurate information being reported on you.  Here is how to reach the three bureaus.

EQUIFAX

P.O. BOX 740241
ATLANTA, GA 30374

(800) 685-1111

HTTP://WWW.CREDIT.EQUIFAX.COM

TRANS UNION

P.O. BOX 1000
CHESTER, PA 19022

(800) 888-4213

(877) 553-7803 TDD HEARING IMPAIRED

HTTP://WWW.TRANSUNION.COM

EXPERIAN

P.O. BOX 2104
ALLEN, TX 75013-2104

(888) 397-3742

HTTP://WWW.EXPERIAN.COM

Top