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Application
Your file will contain 3 major chapters: information about your assets,
- income and ability to repay the loan; We will need a full two year history on where you've lived (if renting, we'll need names and addresses of your landlords) and where you have worked. We'll also need to know about your cash assets which will be used for the down payment and closing costs. You will not have to disclose every asset unless you want to. But since your debt load will be identified on your credit report, any information about your assets will help to show a positive net worth.
- information on your credit history and financial responsibility; You really do not need to go into any detail here because the credit report will identify your debts. However, child support payments and personal loans not reported to a credit repository need to be disclosed here.
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information on the property and it's significance as collateral for the loan. We'll need to know the address of the property and whether or not you will live there. We will obtain the rest of the information from county records, the appraiser, flood maps, etc.
There will be a number of questions asked that you may not know how to answer. We can go over any and all questions you have or things left unidentified once we see your application.
Please do not worry about making the application "look" good. Treat it like a worksheet because we will load all the relevant information into our computer program and ask you to sign the computer generated application instead of the worksheet.
Documentation - We will need to back up all the statements given on the application with corresponding documentation - bank statements or closing statements which prove where the down payment is coming from; paystubs and tax returns to prove your where the money is coming from to repay the loan; credit report, legal documents, and receipts which illustrate your current debt load; sales contract, appraisal, title insurance, and homeowner's insurance to secure the property used as collateral. But before you go to a lot of trouble gathering these things, let us look at the application first. We know how to streamline the process so that we may not need as much as you think.