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Mortgage Application Credit Explanation Letter - Excel

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					                 MORTGAGE LOAN APPLICATION CHECKLIST
                                   www.schmidtbeatsthebanks.com
LOAN OFFICER:                                                      PHONE :
                             SCHMIDT MORTGAGE CORPORATION
   The following information is a list of items typically required for the mortgage application process.
ALL LOAN APPLICATION:
   Copy of your Purchase or Construction Contract, signed by all buyers and sellers (for purchases)
   Original pay stub(s) covering the most current 30-day period for each applicant.
   (Continue to save your pay stub(s) until your loan is closed)
   Original W-2 and tax returns forms for the last two years, for each applicant.
   Original bank statements for checking and savings for the prior 2 month period - ALL PAGES
   (Continue to save your bank statements until your loan is closed)
   Name, address, and phone number of your landlord for the last 12 months (if renting)
   Original 401K and IRA statements (if applicable)
   Original investment account statements for the past 2 month period (if applicable) - ALL PAGES
   Last 12 months canceled mortgage payment/rent checks (if applicable)
   Credit Explanation Letter maybe required for any past due accounts on your credit report
   Copy of Photo I.D. (Patriot Act) & Social Security Card for each applicant
   Check for payment of credit report and/or appraisal made payable to Schmidt Mortgage Corporation
   in the amount of          $ 317.50

IF YOU ARE APPLYING FOR A FHA/VA LOAN:
   VA Certificate of Eligibility
   Form DD-214 or, for in-service veterans, Statement of Service if discharged within the last 2 years
   Most recent Leave and Earnings Statement (in-service veterans only)
   Name and address of child care provider (if applicable)
   Original pay stub for lender's file

IF YOU ARE SELF-EMPLOYED OR HAVE COMMISSION INCOME:
   Copies of your last 2 year's personal and business federal signed tax returns (Please sign in blue ink)
   Year-to-date Profit and Loss Statement and Balance Sheet (self-employed only)

IF YOU ARE DIVORCED:
   Complete signed copy of all divorce decrees/separation agreements, any stipulations or modifications
   Proof of receipt of child support payments for 12 months (if using income to qualify for a mortgage
   loan or if you are required to pay child support)

MISCELLANEOUS ITEMS:
   If you have graduated from high school or college with the last 2 years, a copy of your diploma
   If during the past 2 years, you have a gap in your employment of 30 days or more, include explanation
   If you have closed on your present home, a copy of your signed HUD-1 Settlement Statement showing
   the amount of proceeds (if sale is not yet complete, please provide a copy of your Purchase Offer)
   If you are receiving a gift for part of your down payment, you will be given a gift letter at application
   If you are being relocated by your employer, provide a copy of your company's relocation policy
   If you are a first time homebuyer and eligible for your local finance authority's assistance program,
   bring in a complete copy of your last 2 years federal income tax returns (Please sign in blue ink)
   If you have declared bankruptcy in the last 7 years, provide a copy of Petition Decree, Schedule of
   Creditors, and Discharge, as well as a letter explaining the reason why you filed for bankruptcy
   If you have a rental property, provide a current lease agreement
   Subordinating loan requires copy of note and mortgage
   If you are refinancing, provide a copy of your Homeowner's Insurance, prior years' Property Taxes,
   and a statement or coupon of your current mortgage payment.

				
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