What you need to get ready before applying for a mortgage loan – Spectrum Lending

Loan Application Checklist

In general, the documentation you will need includes:

Check or debit/credit card number for credit report 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 recently 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 all schedules)
	Year-to-Date Profit and Loss Statement

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 twelve months of cancelled child support checks

Debts

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 documents).

VA and CalVet 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

Spectrum Lending 2220 St. George Lane Suite 8 Chico, CA 95926

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