The Sue Harvey-Morris Team
Sue (817) 832-1997



Sue Harvey-Morris, CRS, GRI, Broker Associate, Multi-Million Dollar Producer
Question
Are you missing the critical element? The SHMart® Team is Bridging the Gap! Real Estate is not a Science "It's an Art"
Call Us Today!


Home
Home
Order other utilities!
Extra Listings
Our Listings
Open Homes
Search For Homes
Closed Listings
TEN REASONS TO LIST
Buyers & Sellers
Brokerage Services
Market Analysis
Tips For Clients
Newsletter
Schools
Local Phone Numbers
Bragging Rights
Latest Awards
Guest Book
Contact Susan
Local Area
Community Info/Links
City Overview
Relocation
About Us
Our Team
Testimonials
Tools & Links
Mortgage Rates
Real Estate News
Mortgage Calculator
Home Builders
Mortgages Made Here!
 


YOU ARE MAKING THE RIGHT DECISION WHEN YOU PUT THE SHMART TEAM TO WORK FOR YOU!SHMart® Team working for you!


CENTURY21® Fine Homes & Estates


CRS - Certified Residential Specialist


Equal Housing Opportunity


GRI - Graduate, REALTOR® Institute


MLS membership


REALTOR® certification


Virtual Tours


WCR - Womans Council of Realtors

 

Tips For Clients



  Items You Need for When Applying For a Loan

Have These Items Ready When You Apply For a Loan

It used to be that lenders mailed out verifications to employers, banks, mortgage companies, and so on, in order to verify the data supplied by borrowers. Nowadays, the interest is often in speed and getting answers quickly, so "alternate documentation" has become more widely used. Alternate documentation means that underwriting answers can be obtained with information supplied directly from the borrower instead of waiting around for verifications to come back in the mail.

The following is required for most standardized loans as part of alternate documentation processing. Items may differ according to whether your loan is a conforming (Fannie Mae or Freddie Mac), non-conforming (jumbo) loan, government loan, or a portfolio loan.

Verifications are still mailed out, but usually as part of quality control procedures.

These are the things you need to supply to your lender to get a quick approval using alternate documentation

Income Items


  • W2 forms for the last two years
  • Pay stubs covering a 30 day period
  • Federal tax returns (1040's) for the last two years, if:


    • you are self-employed
    • earn more than 25% of your income from commissions or bonuses
    • own rental property
    • or are in a career where you are likely to take non-reimbursed business expenses


  • Year-to-Date Profit and Loss Statement (for self employed)
  • Corporate or partnership tax returns (if applicable)
  • Pension Award letter (for retired individuals)
  • Social Security Award letters (for those on Social Security)


Asset Items


  • Bank statements for previous two months (sometimes three) on all accounts. All pages.
  • Statements for two months on all stocks, mutual funds, bonds, etc, etc.
  • Copy of latest 401K statement (or other retirement assets)
  • Explanations for any large deposits and source of those funds
  • Copy of HUD1 Settlement Statement on recent sales of homes
  • Copy of Estimated HUD1 Settlement Statement if a previous home is for sale, but not yet closed
  • Gift letter (if some of the funds come as a gift from a family member)
  • Gifts can also require:


    • Verification of donor's ability to make the gift (bank statement)
    • Copy of the check used to make the gift
    • Copy of the deposit receipt showing the funds deposited into bank account or escrow



Credit Items


  • Landlord's name, address, and phone number (for verification of rental)
  • Explanations for any of the following items which may appear on your credit report:


    • Late payments
    • Credit inquiries in the last 90 days
    • Charge-offs
    • Collections
    • Judgments
    • Liens


  • Copy of bankruptcy papers if you have filed bankruptcy within the last seven years


Other


  • Copy of purchase agreement (if you have already made an offer)
  • To document receipt of child support (if you desire to show it as income)

    • Copy of Divorce Settlement (to show the amount)
    • Copies of twelve months canceled checks to document actual receipt of fund



FHA Loans


  • Copy of Social Security Card (or other documentation of social security number)
  • Copy of Driver's license


VA Loans


  • Copy of DD214


Refinances


  • Copy of Note on existing loan
  • Copy of HUD1 Settlement Statement on existing loan
  • Name, address, phone number, loan number of existing loan/lender


 

[ Back To Mortgage Information ]


Sue Harvey-Morris Broker Associate, has been serving the Metroplex regarding their real estate needs since 1979



Real Estate Websites by iHOUSEweb, Inc. ®

Site Admin Menu