Documents Needed to Apply for a Mortgage

When you apply for a mortgage, you will need to furnish information regarding your income, assets, expenses and obligations. It will save time if you have the following items available:

• Residence address: landlord names, addresses and telephone numbers for the past two years
• Names, addresses and telephone numbers of each employer for the past two years. Name of contact person
• Most current three months' statements on all assets accounts
• Names, addresses, account numbers, monthly payments and balances on all open loans, all credit card numbers and all mortgages
• Addresses of other real estate owned, value and proof of ownership
• Rental property: copy of 1-year lease and 2 year's tax return
• Certificate of Eligibility and DD214's (VA only), name address and phone number of nearest relative
• Money for credit report and appraisal
• If self employeed, see loan officer for special requiremnets
• W-2's for the past two years. Pay stubs representing last 30 days
• Recorded copies of seperation and divorse decree / bankruptcy papers with all schedules & discharge papers

Repairing Past Credit Problems

Have you had situations in the past that have put blemishes on your credit?
There are many reasons why credit problems occur. Some explanations are:

• You were a co-signer on a loan that wasn't paid on time
• You allowed someone else to use your credit cards
• You may have thought your spouse paid the bill
• You thought your insurance company was going to handle the payment
• You are divorced but your former spouse had credit problems

Some lenders will work with you to find a credit solution. They have special programs and financing options that allow you to get a mortgage even with minor credit blemishes. However, it is in your best interest to keep your credit report in good standing. Here are some helpful hints for your credit report:

• Never go over 90 days past due on any accounts
• Keep your credit card below 50% of your monthly obligations
• If paying bills after the due date, always pay within the grace period
• Get a copy of your credit report at least once a year to check for descrepancies