Having been in the mortgage industry for a number of years, I have found a lot of my “issues” when it comes to underwriting was a result of missing something at time of application. The following is a quick rundown of items that should be collected at application:
Property Information (if you already have a contract on a house)
- Purchase Agreement with any and all addendums.
- If you are selling your current home, copy of listing contract/sales 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 (All Pages)
- 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. All pages/ all schedules.
- If self-employed:
- Tax returns for the last three years (all 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/Court Order.
- Copy of twelve months of cancelled child support checks/Verification from the courts child support is being received.
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.
St. Louis MORTGAGE INTEREST RATES for August 17, 2011:
- Conventional 30-Year Fixed 4.375%/ 4.73% APR
- Conventional 15-Year Fixed 3.500%/ 3.785% APR
- Conventional 5/1 ARM 3.125%/ 3.00% APR
- FHA/VA 30 Year Fixed 4.125%/ 4.445% APR
- Jumbo 5/1 ARM 3.125%/ 3.000% APR
- Jumbo 15 yr Fixed 3.750%/ 4.125% APR
- Jumbo 30 yr Fixed 4.875%/ 5.145% APR
*The above mortgage rates are based upon an 80% LTV, o/o single family with FICO scores of 720.
Paramount Mortgage is a locally owned Mortgage Banker; we just celebrated our 40th anniversary. Great rates and programs are secondary to what is most desired in a lender relationship. The most sought-after aspects in this industry cannot be easily translated onto paper…learn more about us here.
For more information or if you have questions on mortgage rates you may contact me by phone at my direct line, (314) 372-4319, email at rfishel@paramountmortgage.com or you can visit our company website at http://www.paramountmortgage.com.
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