What you need to get ready before applying for a mortgage loan – Phelan Mortgage Associates, Inc.

Loan Application Checklist

In general, the documentation you will need includes:

Property Information (if you already have a contract on a house)

Purchase Agreement

Copy of legal description and MLS sheet

If you are selling your current home, copy of listing contract

If you have sold your current home, copy of settlement statement (HUD-1)

If you are applying for a Home Equity Loan or Line, copy of the note on your first mortgage (Normally found in your loan closing documents)

Income & Assets

Pay stubs for the last 30 days

For the past two years:

	Names and addresses of each employer
	W-2s

Last three months of statements for each (If applicable):

Estimated value of personal property and furniture

If you have made any large deposits to your accounts:

Explanation and source for deposit

If large deposit was a gift:

	Signed gift letter (lender can supply)
	Copy of gift check
	Copy of deposit receipt

If you own more than 25% of a business:

Corporate or partnership tax returns

If self-employed:

	Tax returns for the last three years (with schedules)
	Year-to-Date Profit and Loss Statement prepared by an accountant

If you own rental property:

Tax returns for the last two years and current rental agreements

If you are retired:

Pension Award Letter

If you receive Social Security:

Social Security Award Letter

If you are counting child support as income:

	Copy of divorce settlement
	Copy of twelve months of cancelled child support checks

Debts

Names, addresses, account numbers, balances and monthly payments on all current loans

Explanation of credit report anomalies, including:

	Late payments, credit inquiries in the last 90 days, charge-offs, collections, judgments and/or liens
	Bankruptcy filed within last seven years (bring a copy of your bankruptcy papers)

Miscellaneous

Photo ID and proof of Social Security number

Residence addresses for the past two years.

If applicable, a copy of your divorce decree

If you are not a citizen, a copy of the front and back of your green card

If you are not a permanent resident, a copy of the front and back or your H-1 or L-1 Visa

If you are requesting a Cash-out refinance or Home Equity loan, a letter explaining what you plan to do with the proceeds

Phelan Mortgage Associates, Inc. 1073 Wilson Ave Glen Mills, PA 19342

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