Application Checklist

Application Checklist

The following information is usually required during the loan process. Not all documents may be required for every situation. If you have any questions our staff will be happy to assist you.

Identification Documents:

 
  • Copy of your Social Security card
  • Copy of your Driver’s License
  • Copy of your Resident Alien Card, if not a US Citizen

Income Documents:

 
  • Your IRS 1040 Tax Returns for the most recent two years, include all schedules and attachments
  • If Self-employed- Year to date profit and loss statement, plus signed returns for the last two years
  • Your IRS Form W2's and/or 1099's for the most recent two years
  • Most recent consecutive 30 days’ pay stubs (if applicable)
  • If you receive any other income provide information- Pension, social security, child support, stocks, bonds, dividend
  • Name, address, telephone numbers for all employment held during the past two years. If a gap of employment greater than 30 days exists, detail dates and reason for gap.

Asset Documents:

 
  • Bank statements for the most recent two months be sure to provide all page's front and back
  • Provide source of funds for any large deposits not part of your employment income
  • Investment account statements for the past two months (if applicable)
  • Retirement account statements for the past two months (if applicable)
  • Copy of escrow check pursuant to a Purchase and Sale Agreement (if applicable)

Credit Documents:

 
  • Copy of Bankruptcy Discharge (if applicable)
  • Copy of Divorce Decree and Settlement Agreement (if applicable)
  • Copy of Child Support document (if applicable)
  • Copy of Litigation (if applicable)

If you currently own Real Estate:

 
  • Mortgage account information
  • Home insurance policy information
  • Home equity account information (if applicable)
  • Copy of most recent Survey (if applicable)
  • Owners Title Policy

Miscellaneous:

 
  • Copy of fully executed Purchase and Sale Agreement with all addendums and copy of earnest money deposit
  • Certificate of Eligibility, if you are applying for a VA loan
  • Letters of explanation for any derogatory credit events such as foreclosure, short sale, judgments, collection and / or late payments
  • Landlord information for the past two years: Name, Mailing address, phone Number, email address
  • Paper Trail for Gift funds: Talk about down payment with your mortgage loan originator- if part of the money for your down payment or closing cost is coming from a gift discuss with mortgage loan originator. There are specific rules and instructions on how to handle gift funds
  • Additional monthly debt that is not reported on your credit report: IRS payments, child support, private loans, etc.
 

Loan Process Tips:

 
  • When asked for documents always provide them promptly, provide all page’s front and back, a never cross out or alter the documents in any way
  • Documents often expire; therefore, you might be asked for updated documents during the process
  • Do not apply for new credit, or make huge purchases during the loan process
  • Start shopping around for Homeowners and flood insurance quotes if applicable
  • All Bank statements will be scrutinized and any funds outside of employment income will be questioned and an explanation of the source will be requested

To receive a loan estimate you need to submit only six key pieces of information

 
  • Your Name
  • Your Income
  • Your social Security Number
  • Address of the home to plan to purchase or Refinance
  • An Estimate of the home’s Value
  • The Loan amount you want to borrow
 
 

Contact

NMLS No. 217378  (www.nmlsconsumeraccess.org)


Copyright © 2019 American Bancshares Mortgage, LLC, d/b/a ABSM, LLC and ABSM is a Licensed Mortgage Lender. NMLS No.217378.