mortgage application checklist ; ·1~w. ~~ ~llj...mortgage application checklist ; ·1~w. ~~ ~llj...
TRANSCRIPT
Mortgage application checklist ; ·1~w. ~~ ~llJ
Here is a list of information and documents that each borrower should have on hand when starting a Bank of America Home Loans"mortgage application. Our Mortgage Loan Officer will review the list with each applicant to make sure they understand the specificdocuments requested, and we'll start working on the loan as soon as we have collected all of the required documents.
As loans are processed, borrowers may be asked to bring or send in additional information. The documents required to analyze aloan application can vary according to a number of factors, including property type, loan program chosen, whether the homeownerplans to live in the home or use it as a vacation home or investment, loan amount, credit history, and other items. Our MortgageLoan Officer will keep applicants and their real estate agents informed and work to obtain any additional information in a timelymanner. During this time, of course, feel free to ask questions-we want all parties to be as clear and comfortable with the loanprocess as possible.
Income
Salaried employees o Paystubs for the past 30 dayso W-2 statements for the past 2 years
Salaried employees, with additionalincome (commission, self-employedin a second job, etc.)
o Paystubs for the past 30 dayso W-2 statements for the past 2 yearso Personal tax returns for the past 2 years, with all scheduleso K-1 form if partnership is indicated on Schedule Eo Most current federal business tax returns, with all schedules
(if borrower owns more than 25% of the business)
If tax returns have not been filed for the most current year, and it is after 4/15:o 12-month profit & loss statement for that tax yearo Copy of the executed extension document (all pages)
If today's date is more than 120 days after the business' fiscal year end, add:o Year-to-date profit & loss statement for current year
Self-employed o Personal tax returns for the past 2 years, with all scheduleso K-1 form if partnership is indicated on Schedule Eo Most current federal business tax returns, with all schedules
(if borrower owns more than 25% of the business)
If tax returns have not been filed for the most current year, and it is after 4/15:o 12-month profit & loss statement for that tax yearo Copy of the executed extension document (all pages)
If today's date is more than 120 days after the business' fiscal year end, add:o Year-to-date profit & loss statement for current year
If borrower receives interest, dividend,or retirement Income
o Personal tax returns for the past 2 years, with all scheduleso Bank/institution statements for the past 2 months or most recent quarter
If borrower receives Social Security -o Most current benefit awards letter or SSA 1099 or most current 30-day barkstatement reflecting automatic SSA deposit
If borrower receives disability o Most current benefits awards letter or SSA 1099o Evidence of disability continuance (i.e., written statement from doctor)
If borrower receives funds from pension,public assistance, trust, or other income*
Please contact your Bank of America Mortgage Loan Officer for documentationrequirements
* If any monies come from sources other than listed, contact Mortgage Loan Officer for guidance.
Bank of America, N.A., Member FDICGl Equal Housing Lender. © 2010 Bank of America Corporation.Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend.Programs, rates, terms and conditions are subject to change without notice. 02/10 00-62-18810 AR6402A4 Bank of America ~ Home Loans
Mortgage Application Checklist (Continued) Page 2
Assets
For any bank or institute holding assetsthat will be used to qualify for the loan,including checking, savings, IndividualRetirement Accounts (IRAs), Certificates ofDeposit (CDs), 401(k), Keogh account, cashvalue of insurance policy, stocks, bonds
o Bank/institution statements for the past 2 months or most recent quarter
If a cash gift will be used for a portionof the down payment or closing costs
10 Copy of gift letter from a family member or friend indicating the amount andpurpose of the gift and that the gift is not expected to be repaid
1
0 Receipt for the gift money, such as a bank statement showing that gift hasbeen deposited
If the gift has not yet been received, but will be used to qualify for the loan,borrower will be asked to provide above documents before closing.
Liabilities (Debts)
Borrowers who rent their home I Any locations where borrower has rented in the past 2 yearso Property addresso Name and address of landlordo Monthly rent
Other
Property Ilf borrower has finalized a purchase agreement, bring:o Copy of the signed purchase agreemento Copy of earnest money receipt
If a property has not yet been found, borrower will be asked for these itemsbefore closing.
Borrower A copy of all pages of the divorce decree for any borrower who is:o Paying maintenance/child supporto Receiving maintenance/child supporto Omitting a debt due to ex-spouse responsible for payment
DankofArnorica ~
Home LOilns
Lisa BreretonSenior Mortgage Loan OfficerVice President
Tel: 678.504.2345 Fax: [email protected]
ator>atcr»
GA 7-136·01-016095 Professional Parkway 102B, Douglasville, GA 30134
G:tEqual Housing Lender
Bank of America, N.A., Member FDIC ~ Equal Housing Lender. © 2010 Bank of America Corporation.Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend.Programs, rates, terms and conditions are subject to change without notice. 02/10 00-62-1881D AR6402A4 Bank of America ~ Home Loans