February 8, 2012

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Items Needed for Pre-Approval

Fax back in all items listed below and the loan application packet to 651-209-2929

Click here to print out Loan Application Packet 

For the most prompt response to your application, please carefully review the remainder of the email and turn these items in as soon as possible. Once received, our loan transaction coordinator will pull your credit and order your income employment verifications. Once your employer has returned your income employment verification, your pre-approval has a 48 hour turn around time. The loan process will not start until all items are received, therefore please send all at the same time.

You will need to take a state approved 8 hour homebuyer education class. Go to this website to find (http://www.hocmn.org/en/workshopsearch.cfm) and register for a class that meets your schedule. When you call, if needed, do leave a message. There are different costs for each class ranging from $35-$50 per household. Only 1 borrower is required to attend. 

Send the following items listed below, as well as, the completed Pre-Application Worksheet that you printed out using the Loan Application Packet link above (without this form completely filled out and signed, your loan application will be delayed). 

 

Checklist for Personal Mortgage Loan

Information needed at time of initial application for loan:

  1. Copy of W-2 forms and 1099’s if self employed, for two previous years
  2. Copy of Driver’s License
  3. Most recent pay stubs (for past month)
  4. Copies of Federal Income Tax returns (ALL PAGES) 2008, 2009, 2010 (State tax returns not needed)
  5. Copies of bank statements (ALL PAGES) for the last two months (i.e. savings, checking, money market accounts, mutual funds, stocks, 401(k), etc.)
  6. If presently own a home – copy of current mortgage statement
  7. Copies (ALL PAGES) of divorce decree and/or bankruptcy paperwork – petition, schedule of debt’s, and discharge (if applicable)

Additional Information…

For VA Loan applicants:

  1. Copy of DD-214 (discharge papers)
  2. Original Certificate of Eligibility

If obtaining down payment assistance:

If you are married and/or have anyone else living in your home over the age of 18, the following information will be needed from them, as well as yourself:

  1. W2′s for 2009 and 2010 (spouse/significant other if obtaining down payment assistance). Legible copy of Driver’s License, make sure we can see your face
  2. Pay stubs for last 30 days
  3. Federal Tax Returns 2008, 2009, 2010 and (corporate tax returns if self employed)
  4. Bank statements for the last 2 months 60 days activity (ALL PAGES even if 1st page is advertisement or last page is blank)

Credit will not be pulled on those in your household affected by the 4 items above; credit will only be pulled on those applying for the mortgage and assistance. Those providing this additional information will be asked, at a later time, to sign IRS form 4506T to request tax transcripts from IRS.

Only send the following information if applicable to your situation:

  1. Detailed 2 year work history for all jobs worked, 1099′s and W2′s, including dates unemployed, for spouse/significant other (if obtaining down payment assistance)
  2. 2009 and 2010 proof of unemployment income earned for spouse/significant other (if obtaining down payment assistance)
  3. Bankruptcy paperwork (ALL PAGES) of petition, schedule of debt’s and discharge
  4. 2011 Social Security Award Letters for spouse/significant other (if obtaining down payment assistance)
  5. Divorce Decree (ALL PAGES)
  6. Paternity court order (ALL PAGES), if receiving or paying child support

 

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