LOAN APPLICATION PREP
Lending institutions may request any of the following information when a loan application is made :
• Social security numbers for all applicants
• Checking & savings account statements for the previous two months
• Investment statements , including 401 ( k ) and pension
• Gift letter for any money received from relatives to purchase a home
• Copy of current retirement benefit program , or address and account number
• Credit card references , including account numbers , balances , etc .
• A list of any debts and the creditors owed
• A list of assets including cars , furniture and estimated value
• Name and address of employer for the last two years , along with latest earnings statement
• If overtime or commission is a substantial part of gross income , W-2 forms for the last two years
• If self-employed , tax returns for the last two years , plus profit and loss statement
• If getting a VA loan , a certificate of eligibility , statement of service , or discharge paper
• If you own or have owned a home in the last three years , the name and address of the mortgage company or lending institution , the mortgage loan number and balance
• If obtaining equity from the sale of previous residence , a copy of the closing statement
• Any divorce papers and property settlements where property was involved
• Any bankruptcy judgment papers , previous forclosure or shortsale documents
14 | THE BUYER ’ S EDGE | A GUIDE TO PURCHASING A HOME