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Chapter 2 |
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THE
MORTGAGE LOAN PROCESS/ HOME
BUYING FLOW CHART A.
PROVIDED BY THE AGENT: 1.
Copy of the ratified
contract. 2.
Any ratified addendums. 3.
A copy of the listing card. 4.
Copy of
earnest money deposit check (should be certified or cashiers check)
B.
PERSONAL INFORMATION: 1.
Full
names of the purchasers as they are to appear on the title. 2.
Social security numbers of
all purchasers. 3.
Present residence address for
all purchasers. 4.
Previous address for all
purchasers going back two (2) years if they have not resided in the
present home for two (2) years. 5.
Home and office phone
numbers. C.
EMPLOYMENT INFORMATION: 1.
Present
Employer Name and Address AND a contact
person to send employment verification form.
1a. Explanation for any
gap during two (2) year history. 1b.
Relocation letter for any transferees—giving date, salary, change
location, and any relocation benefits. 2.
Previous
Employer Name and Address AND a
contact person going back two (2) years if not in present job two (2) FULL
years. 3.
Present Salary. Year to date
pay stub and last two (2) years W-2’s. 4.
If any variable
income: commission, part-time income, bonus, overtime, interest
income, etc. is being used to qualify: Two (2) years SIGNED federal tax
returns and W-2’s and/or 1099’s. 5.
If self-employed:
Two (2) years signed federal individual and corporate returns (if
there are corporate returns). Also a year-to-date profit and loss and
balance sheet. 6.
Diploma
or transcript if student during
two (2) year period.
D.
OTHER INCOME: 1.
Rental
Income: Copy of a lease which is
current and at least one (1) year in length. 2.
Alimony
and Child Support: Only if used
for qualification. Copy of divorce decree and property settlement (ratified)
setting out terms. Proof
of payment will also be requested at application. 3.
Income
From Notes Held: A copy of the
ratified note. 4.
Retirement,
Social Security, and Disability Income: Copy
of award letter and latest check showing amount of present payment. Copy
of end of the year statement if applicable. E.
ASSETS: 1.
Bank
Accounts: Name of bank, address,
account numbers, type of accounts and present balances.
With checking use average balance.
1a.
Copy of two (2)
most recent statements for all accounts. 2.
Stocks
and Bonds: Copy
of certificates or copy of recent (within thirty (30) days) broker
statement listing the holdings. Copy
of statement can be used for many mutual funds, etc. 3.
Life
Insurance: Cash value only if being used for down payment. 4.
Vehicles:
Year, make and value, Copy of
the title if under four (4)
years old with no outstanding lien. 5.
Real
Estate: Address and market
value. If free and clear, deed
of release, deed or mortgage payoff. 6.
Present
Home: Copy
of Contract of Sale, Settlement Sheet, and/or Lease. 7.
Gift
Letter: Form
will be provided by financial representative.
Donor Capacity must be verified.
Receipt of funds must be shown in account. F.
LIABILITIES: 1.
Credit
cards: Account
number and outstanding balance and most recent statement. 2.
Loans:
Auto, Mortgage, Personal, Student,
etc.: Name of institution,
address, account numbers, outstanding balance, monthly payment, months
left on loan. Copy of next payment coupon.
2a. Twelve (12) Months statements or cancelled checks
for present
mortgage. 3.
Alimony
and Child Support: Copy of Ratified
Decree and property settlement setting out terms. G. VA LOANS:
1.
Certificate of Eligibility:
To obtain certificate, will need a DD-214 (Separation of Service) or if in
service will need statement of service signed by Commanding Officer or
Personnel Officer (certificate must be updated before application). 2. If in Service will need Authorization to live Off Base (DD Form 1747 from Housing Office) and Transfer Orders (if applicable).
“Do
Better Business…. The Carroll Way!”
August
29, 2008 |