Checklist of Documents Needed from the Borrower

The documents must be required by the borrower to processing loan steps which are stated below and divided into three parts.

PART I: Loan Application (1003)

A hand written Loan Application must be submitted by the borrower with the Loan Officer's assistance. It is taken into account that the following mandatory and optional fields are required to be filled out for the Loan Application.

Mandatory fields:

Section I: TYPE OF MORTGAGE AND TERMS OF LOAN

• Mortgage Applied for (type of mortgage)
• Loan Amount (proposed loan amount)
• Interest Rate (current interest rate you are paying for current mortgage loan )
• No. of Months (purposed terms of loan)
• Amortization Type (means loan payment)

Section II: PROPERTY INFORMATION AND PURPOSE OF LOAN

• Subject Property Address
• Purpose of Loan
• Property Type

Note: Use fist row for new finance and second row for re-finance

• Year Acquired
• Original Cost (original mortgage loan amount including all fees)
• Amount Existing Liens (Mortgage loan balance)
• Purpose of Refinance
• Describe Improvements
• Source of Down Payment, Settlement Changes and/or Subordinate Financing
• Estate will be held in

Section III: BORROWER INFORMAITON

For both Borrower as well as Co-Borrower's

• Name
• Social Security Number, Home phone, Date of Birth, Yrs School, Marital Status, Dependents
• Present Address (Street, City, Zip)

Section IV: EMPLOYMENT INFORMATION

For both Borrower as well as Co-Borrower's

• Name & Address of Employer
• Yrs. on this job
• Position/Title/Type of Business

Section V: MONTHLY INCOME AND COMBINED HOUSING EXPENSES INFORMATION

Fill out all the requirements which are relevant for you.

Note: You need to provide gross income amounts before taxes and documentation to prove all income.

Section VI: ASSETS AND LIABILITIES

All your assets must be described including Banking Statements (Name and Address of Bank, S & L, OR Credit Union), insurance and other assets (Personal assets & vehicles)

Note: Assets refer to any item of economic value owned by you especially that which could be converted to cash such as cash, securities, account receivable, inventory, office equipments, house, furniture, TV, Refrigerator and other property.

SECTION VIII: DECLARATIONS

For both Borrower and Co-Borrower, all questions must be answered ("YES" or "NO")

Section IX: ACKNOWLEDGMENT AND AGREEMENT

The Borrower and Co-Borrower both must sign in.

Optional fields:

Section VI: LIABILITIES

Section VII: DETAILS OF TRANSACTION

The sections VI & VII both are optional fields. Except these two sections, the rest of the fields all above mentioned are mandatory. You have to fill out them.

PART II: The following basic documents must be submitted along with Loan Application

For the borrower who is employed

1. Copy of DL/ID (driver’s license) and Social Security Card (SS Card)
2. Recent pay stubs (Paycheck stubs to most recent 30-day period).
3. Recent W2's (Last two years W-2's)
4. Most recent 3 months bank statements (all pages) on all accounts, i.e., checking, savings, CD, IRA, 401K. If no banking relationship, must open a new account and provide copy of deposit slip. Phone number to all institutions for verification)
5. Proof of other income, i.e., child support, social security, retirement, part-time jobs (if receiving or will continue to receive for two more years).
6. Divorce degree; final/recorded (if applicable)
7. Copy of Deed of Trust, Survey, HUD-1 Settlement Statement; Homeowners Insurance; Release of Lien; Payment coupon book

For the borrower who is self-employed

1. Copy of DL/ID (driver’s license) and Social Security Card (SS Card)
2. Recent pay stubs (Paycheck stubs to most recent 30-day period).
3. Recent W2's (Last two years W-2's)
4. Most recent 3 months bank statements (all pages) on all accounts, i.e., checking, savings, CD, IRA, 401K. If no banking relationship, must open a new account and provide copy of deposit slip. Phone number to all institutions for verification)
5. Proof of other income, i.e., child support, social security, retirement, part-time jobs (if receiving or will continue to receive for two more years).
6. Divorce degree; final/recorded (if applicable)
7. Self-employed/Commissioned: most recent 2 years tax returns w/all schedules, i.e., Year to Date Profit and Loss, Balance Sheet, K- etc.
8. Copy of Deed of Trust, Survey, HUD-1 Settlement Statement; Homeowners Insurance; Release of Lien; Payment coupon book

Special Note: Only Self Employed Borrower(s) require to provide additional documentation such as financial statement, balance sheet and tax returns.

PART III: Letters of Explanation for Credit Challenges ONLY IF APPLICABLE

If the following credit challenges exist, then you need to give letters of explanation only for the existing ones. All the Letters of Explanations must be hand written explanations duly signed by you.

• Bankruptcy (plus supporting information regarding bankruptcy)
• Bankruptcy papers (initial recorded filing and final discharge/dismissal) if applicable; if still active: printout showing payment history and letter from Trustee.
• Credit Challenges
• Large Increase In Checking or Savings Account Balances
• Gap In Employment
• Recent Credit Inquiries
• Purpose of New Home Purchase And Plans For Current Home
• Purpose For Refinance