How to apply for a Home Loan
To begin the application process, we need to collect a variety of information that will help us to determine what type of loan will best suit your needs.
Highland HomeLoans has provided a borrower required document checklist to make it a little easier on our customers when collecting the documents necessary for applying. In addition to the documents in the checklist above, all borrowers are required to provide the following:
Documents Needed For All Loan Applications
- Copies of W-2's for the last two years;
- Copies of the two most recent pay stubs showing year-to-date earnings;
- Copies of checking and saving account statements for last three months (all pages);
- Copies of quarterly or semi-annual statements for checking, savings, IRA's, CD's, money market fund, stock, 401k, profit sharing, etc.;
- Copy of sales contract when ratified;
- Employment history for the last two years (address any gaps of employment);
- Residency history over the last two years, with name, phone number, address and account number of Land or mortgage company; for rental property copies of leases;
- Canceled earnest money check when it clears or corresponding bank statement, if applicable;
- Check for the expense of appraisal & credit report if required;
- Refinance copy of note, deed of trust, settlement statement, survey, and insurance information;
- Documentation of any assets used for down payment, closing cost, and cash reserves;
- If paid off mortgage in the last 2 years, need copies of HUD1;
- Copy of driver’s license for applicant and co-applicant.
- Copy of Social Security Card for each applicant and co-applicant(s);
- Copy of your past two years’ tax returns.
- Copies of most recent 2 years tax returns (with all schedules including k-I's if applicable);
- Copy of current profit & loss statement and balance sheet;
- Copy of corporate/partnership tax returns for most recent 2 year period if owning 25% or more of company -- copies of W-2's and/or 1099 forms.
Documents Which May Be Required:
- Relocation Agreement if move is financed by employer, i.e. buyout agreement plus documentation outlining company paid closing costs benefits;
- If you’ve had a previous bankruptcy, bring copies of petition for bankruptcy and discharge, including supporting schedules;
- Divorce Decree (if applicable);
- Documentation supporting moneys received from social security/retirement trust income, i.e. copies of direct deposit bank statements, awards letter or other evidence income will continue.
Documents Needed for FHA/VA Loans:
- FHA: Copy of Social Security Card and driver’s license for each applicant and co-applicants;
- VA: Original certificate of eligibility and copy of DD214 discharge paper;
- VA: Name and address of nearest living relative
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Don't forget that if you have any questions or concerns, you can always contact me.