Real Estate 101

Property Information

	Secure copies of Sales Agreement, signed by all parties; including all amendments and riders
	Copy of earnest money deposit check
	Copy of plat and listing, property description and seller disclosure

Personal Information

	Name: Full names of all purchasers as they are to appear on the title
	Addresses of all residences for all purchasers for the last two years
	Social Security Number, Social Security Card and Photo ID for all purchasers
	Telephone Numbers for both home and office for all purchasers

Employment Information

	Employer’s name, addresses for last two years with dates of employment and monthly income. Include a Contact Name to receive verification request form.
	If Company is assisting Relocation, obtain Relocation letter giving date, salary, new location and any relocation benefits.
	Employment history; explanation letter for any gap during two year employment history.
	If a Full-time Student at any time in last two years, be prepared to verify with a copy of diploma or transcript
	Present Salary with year-to-date pay stub and last two year’s W-2’s.
	If any variable income, commission, part-time income, bonus, overtime, interest income, etc. is being used to qualify, discuss requirements with lender
	If Self Employed provide Financial Statements including:

		Year to date Profit and Loss Statement & Balance Sheet prepared and signed by an accountant and the applicant
		Signed tax returns for the last two reporting years for the corporation (if applicable) and the applicant

Other Income

	Rental Income; copy of lease which is Current and at least one year in length
	Alimony and/or Child Support; required only if used for qualification. Copy of divorce decree and ratified property settlement of terms. Proof of payment will be required.
	Income from Notes held requires a copy of the ratified note
	Retirement, Social Security, and/or Disability Income; copy of award letter and latest check showing amount of present payment. Copy of end of year statement if applicable.

Assets

Current names, addresses (including ZIP codes), account numbers, and balances for :

		Checking and Savings Accounts
		Credit Union accounts

	Stocks and Bonds or Mutual Funds; copy of certificates or copy of broker statement (within 30 days) listing the holdings
	Life Insurance; cash value only if being used for downpayment
	Vehicles; Year, make and value. Copy of the title if under 4 years old
	Present Home; copy of Sales Contract, Settlement Sheet and/or Lease
	Other Real Estate; Schedule of real estate owned: Lender, Account Number, Original Sales Price, Monthly Payment, Rental Agreement or Leases, Type of Property, etc.
	Address and market value. If free and clear, Deed of Release, Deed or mortgage payoff
	Gift Letter; Form varies by lender. Donor capacity must be verified. Receipt of funds must be shown in the buyer’s account.
	Present mortgage lender or landlord and 12 month’s cancelled checks

Liabilities

	Credit Cards: Account number, outstanding balance and most recent statement
	Loans; (auto, personal, student) with name of lender, address, account number, outstanding balance, monthly payment, months left on loan, copy of next payment coupon
	Mortgage; twelve months of statements or canceled checks for present mortgage
	Alimony or Child Support; copy of ratified decree and property settlement terms

Credit History

Documents with letter explaining circumstances related to:

		Delinquent credit of record
		Judgments; also provide copy of release/satisfaction
		Bankruptcy; provide copies of:

			Petition of Bankruptcy
			Schedule of Bankruptcy (list of Creditors)
			Discharge of Bankruptcy

VA Loans

	Certificate of Eligibility
	If you do not have a Certificate of Eligibility, supply your DD-214 so the Mortgage company can apply for your Eligibility Certificate.
	Name and address of nearest living relative

Payments Made at Application

Check for application, credit report and property appraisal

Present Home Documentation

	Listing Agreement
	Sales Contract
	Settlement Sheet (if sold within last year)
	Name and address of present landlord if renting
	Deed (refinances only)