What Do I Need To Bring With Me When Applying For a Home Loan?

If you are applying for a home loan at the Lake of the Ozarks for the first time, you may be unsure of what you need to bring when you meet with your mortgage lender. If this sounds like a situation you can relate to, this is the blog for you. Our Lake of the Ozarks mortgage lenders are here to give you a complete Home Loan Application Checklist in this week's blog. If you have any questions, please do not hesitate to call us at MHQ - Mortgage Headquarters. We can be reached at (573) 302-9990. Remember, you name it, Mortgage Headquarters can do it.

Home Loan Application Checklist

In general, the documentation you will need includes:

• Check for application fee

Property Information (if you already have a contract on a house)

•  Purchase Agreement.
• Copy of legal description and MLS sheet.
• If you are selling your current home, copy of listing 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.
• Estimated value of personal property and furniture.

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.

If self-employed:
  - Tax returns for the last three years (with 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.
- Copy of twelve months of cancelled child support checks.

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.

We understand that this was a lot of information to take in at once, so please do not hesitate to give us a call today, if you have any questions. We can be reached at the number listed below. You can also stay up to date on our latest announcements by following us on our social media channels listed below.



Mortgage Headquarters of Missouri, Inc
4824 Osage Beach Parkway, Suite 1
Osage Beach, MO 65065

Office: (573) 302-9990
Toll Free: (888)799-1206
Fax: (636)648-9917

NMLS # 1229111

www.MHQMortgage.com

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