We'll Need Your Personal Financials to Submit for Final Approval. Take a Look Below to Make a Checklist.

Any information you submit over our website is 100 percent, fully secure. And we never, ever share it with anyone, period. We are the bank; we close your loan; and only limited people within the approval process at the bank see your information. Below is a list compliled of the personal information needed from you to complete a file and submit it to underwriting for approval. These items vary for each borrower, so make sure you look at each one to see if you need to provide one of the items below. It may be easier to print this page and mark the items as you go. Copies are fine, we do not need originals.

FOR ALL LOANS***

Social Security Number, for any borrower on a loan

Driver License for any borrower or the information on the driver license.  This is a Patriot Act law and requirement.

We need a contact name and number for your insurance that covers or will cover your home. Even with a condo purchase, proof of insurance to cover contents and personal belongings is required to close.  If you do not have a good contact, I can offer a name or two of good agents to compare rates.

Employment Information and History

For the last two years, employment dates, addresses, salary, phone numbers, and how you are paid (W2, 1099, self-employed, etc) are very important. You'll need to know how bonuses are paid, are they guaranteed, and will they continue, if applicable.  The same is said for overtime, commissions, and expense reimbursement.  Ask for direction if needed.  

Income Verification

We need W-2 Forms for the prior two years, Federal tax returns from the most recent two years.  If an extension has been filed, we will need the extension.  See self employed portion below if it applies. 

This part is important: if you receive alimony, child support, pension, social security income, disability income, dividends, or other forms or income, we will need to have proof of this.  Sometimes, there aren't receipts or stubs to show this proof, but auto deposits on bank statements will.  Asset proof (shown below) typically will cover this.  Speak to me on this if you have questions.

Current Pay Stubs

Current pay stubs for every borrower that covers the last 30 days.

Asset Information:

Checking, Savings, CDs, Money Market accounts...we need the most recent last bank statement, ALL PAGES of the actual statement for conventional loans. With FHA loans, we will need the most recent last TWO statements.  If you do not receive statements, you may go online to get yours and print them, or you'll need to go into the bank branch to obtain them.  We need actual statements.  We cannot use the screen printout from your account activity, as it does not verify this account belongs to you.  Most do not show a name, address, or account number, so make sure it is the statement.

**An important note on this:  Rules have changed quite a bit over the last few years.  We must now provide proof of ANY deposit over $1,000 on the statement that is not verified right on the actual statement (i.e. pay roll, SSI, etc).  Therefore, look through your statements you are providing and make sure you obtain proof of where these deposits over $1,000 came from.  Also, with a gift from relative on FHA, please speak to us before you deposit the gift into your account. Additionally, before making a draw from a 401k or asset account for deposit, ask what the best way is for you to do this.

Stocks, Bonds, Mutual Funds, and Investment Accounts

This is optional unless we need to show strength.  Reserves are required on many loans (*reserves are one month's FULL payment, including everything, and the number of months varies) including almost all purchases.  If your checking or savings statements do not show enough, required would be the most recent statement on each account.  ALL PAGES of the actual statement is the rule (i.e. 10 of 10 pages as numbered).  This applies for Retirement Plans, Pensions, IRAs, 401k, etc.  Each situation varies, so ask me if you're unsure before gathering this. 

Debts, Liabilities, and Other Items You May Pay Monthly

This part is tricky.  Most of the items you pay monthly will show up on your credit report.  However, there are items that some folks pay each month that do not show up and is difficult for us up front to discover; the underwriters will catch these.  Child support, for example, shows on pay stubs, but not on the report.  Please make sure to include all liabilities you pay monthly.  With student loans, you may not be making payments now, but rules applied have us show a $50/mo payment for each.  Last, if you have an account you do not pay (i.e. parent pays for your student loan), please provide 12 months of cancelled checks from that party to show this is not paid by you.   

OTHER INFORMATION THAT MAY APPLY TO YOU:

* If Your Loan Will Be A Purchase Transaction

 We need the full purchase contract from the Realtor or you.  This needs to be a complete contract, including all addendums, disclsoures, and counter offer pages.  We will also need the name, number, and company your Realtor works for if we were not referred by this Realtor.  From this Realtor, we will need to gather the listing agent information.  Last, a copy of the earnest money deposit is needed, but we need the cancelled check version of this.

* If You Are Currently Renting

Name, address, and contact numbers for the landlord or apartment complex.  It is possible, in some cases, that copies of cancelled checks may be needed. 

* If You Are Self Employed

If you're self-employed, two years tax returns for the company (schedule C will be in your personal return), K-1 if applicable, profit and loss statement, etc may be required.  Additionally, we may need a letter signed by your CPA or proof of the company via internet or information search.  Please inquire on this. 

* If Divorced, Separated, OR Receive Income For Children

Complete executed divorce decree and settlement agreement, payment history of alimony/child support over the past 12 months, if it is a financial obligation.  If you choose to have this be considered as part of your income (you don't have to), be prepared to provide 12 months canceled checks or bank statements reflecting income deposits. Ask me for exact needs on this.

* If You Have Filed Bankruptcy or Had a Foreclosure In the Past 7 Years

If you have filed a past bankruptcy, this can stay with your report up to 10.5 years. You may want to ask me to make sure, but we will need the full set of bankruptcy papers.  A complete set (ALL SCHEDULES) would be required, if so. If you've had a foreclosure, please provide evidence of the events that took place and the most important part will be proof of a date when the home was SOLD eventually to a new owner.  This can be obtained online.  We will probably need a letter explaining both events.

* If You Receive Retirement Income or Social Security Income

We will need not only the 3 most recent bank statements discussed above (one additional full statement), but also the awards letter for what you are designated to receive. The awards letter shows the proof of your benefits, but the statements show consistent deposits of this income and that they are current.

* If You Have Had Your Credit Pulled in the Last 3 Months

If you have inquiries on your credit report, there is a high probability that we will need a letter explaining why the credit was pulled and match this up. Please ask me before offering this up...we may be able to write it for you and have you sign the form for convenience (after verification of the reason).

* If You Own Real Estate or Investment Property

Name and address of all mortgage lenders for the past 24 months, account numbers, monthly payments and balances.  Also, the contact information for these lenders if the mortgage information is not provided on the credit report.  Your tax returns will show the management of this property, including income, rents, and expenses.   

* If a Portion Of Your Down Payment is a GIFT

Name, address and relationship of donor. A special gift letter will need to be executed.  We will provide this Fannie Mae form for signatures.  Gift funds will be verified with the copy of the check, deposit slip, and a new printout from the bank, signed by the bank, showing the funds in the account.
Note: Not all loan programs allow gifts to be part of your down payment.  Please inquires as to whether a gift is permitted.

* If Your Loan Will Be a VA Loan

DD214 and Certificate of Eligibility (Benefits)

* If Your Loan is a Construction/Perm Loan

Signed construction contract with cost breakdown, builder plan and specifications.  The builder will need to be approved, as well, but may already be on our list.  Please consult with me on this, as it is quite detailed. 

Peter T. Loeb, Mortgage Loan Specialist, NMLS#712887

**The opinions expressed in this newsletter are the personal opinions, writings, expressions, points, or comments of Peter Loeb, a Mortgage Loan Specialist with First Federal Lending, a Division of First Federal S&L of Lakewood (FFL), and are not necessarily the views or opinions of FFL, it's board, members, depositors, or employees. Duplication is prohibited without the expressed written consent of Peter Loeb.**

First Federal Lending is a division of First Federal S&L of Lakewood

Since 1935...We've Been Here.  We'll Be Here.

Main Branch: 14806 Detroit Avenue, Lakewood, OH 44107