Preparing
To Apply For A Texas Mortgage
Below you will find an itemized
list of all of the information typically needed
to process a mortgage. In order to start the application
process a "loan application" (form 1003)
is completed with information you provide verbally
to a loan officer. The loan application information
includes your current and previous address (if you
haven't been in your home for at least two years),
your current and previous employer (if you haven't
been with the same employer for at least two years)
and your credit and asset information.
This list attempts to cover all of
the information that may be needed. The loan type
and your particular credit situation will eventually
determine exactly what documentation you will need
to supply.
Borrowers with higher credit scores
may be eligible for certain income verification
waivers, e.g. you may only be required to provide
one pay stub or may qualify for what is known as
a "streamlined mortgage acceptance".
There are also loan programs which
offer a discount on the interest rates for borrowers
with exceptional credit. Ask us to see if you qualify.
| Borrower
and co-borrower information
- Your photo Identification
- Your social Security Number
- Your home address for the last 2 years
- The Name, address and phone number of
your landlords over the past 2 years
|
| Borrower
and co-borrower employment information
- The name, address and phone numbers of
your employers over the past 2 years
- Your academic transcripts or diploma if
you have been a student
Borrower and co-borrower
proof of income
If you are paid by salary
or are an hourly employee
- Your most recent pay stubs showing the
last 30 days of pay
- Your W-2 and 1099 forms for the past 2
years
If you are self-employed
- Your current profit & loss statement
- Your past 2 years income tax returns including
all schedules
If you own a corporation
- The last 2 years business income tax returns
- Evidence of your quarterly income tax
payments
If you are part of a partnership
- The last 2 years partnership income tax
returns
- Your past 2 years income tax returns including
all schedules
- Your current Profit and Loss statements
|
| Proof
of other income
Proof of rental income
- Any current lease agreements
- Your past 2 years income tax returns including
all schedules
Proof of interest, dividend, bonuses
of commissions
- Your past 2 years income tax returns including
all schedules
Proof of notes receivable
- A copy of the notes
- Your past 2 years income tax returns including
all schedules
Proof of social security or pensions
- Your award letter
- Your W-2 and 1099 forms for the past 2
years
- Proof of recent receipt of payment (either
check stubs or your current bank statement)
Proof of child support, alimony or
maintenance
- Last 1 years cancelled checks or proof
of receipt
|
| Proof
of borrower and co-borrower assets
- Your current statements for the past 3
months for any financial institution where
you have funds on deposit including IRA's
and 401K's.
- The Estimated value of your personal property
including automobiles and real estate owned
- Copies of cancelled checks for any monies
earned other than from your primary employer
- A gift money affidavit if applicable
- A copy of cancelled gift money check if
applicable
- Proof of deposit of gift funds (e.g. a
stamped deposit slip)
|
| Proof
of borrower and co-borrower liabilities
- The names and account numbers for all
creditors including revolving credit, installment
loans, car loans, credit cards and student
loans
- The lender name, address and account number
for any current mortgages including your
current residence and any rental properties
you may own
- Your monthly child care expenses
- Any child support, alimony or maintenance
payment information
|
