Loan Submission Requirements
1. Credit Report
a. Check for minimum credit score according to loan program
2. Check for mortgage lates, derogatory credit (BK, Notice of Default, Notice of Sale,
collections/charge offs over $1000, etc)
3. Check for max LTV/CLTV according to loan program
4. Email address for each borrower
5. Additional phone number for contact, not just the home phone
6. Borrower must met the Net Tangible Benefits requirements (Refinance transaction only)
7. Subject property is a Condo / PUD, provide Hazard Insurance Declaration page with HO6
coverage.
8. A complete 1003 and must include:
a. Date of Birth
b. Social Security Numbers
c. Marital status
d. 2 full years residence history
e. 2 full years employment history
f. Source of funds sufficient to close and reserves
g. Complete Schedule of REO
9. Current Mortgage statement for *all mortgages
10. Current Property Tax statement or Property Profile print out verifying Tax amount
a. When dealing with multiple properties we need this for all properties
11. Current Hazard Insurance declaration page for all properties
12. Current HOA statement for
13. Please provide the following missing or updated documents:
a. Paystubs (within 30 days of application date)
b. 2010-11-12 W-2’s
c. 2 years of federal tax returns (personal and business when applicable)
d. LOE regarding
a. Properties sold recently
b. Large deposits
c. Credit Inquiries
e. Bank statements
a. Only required if the borrower is coming to the table with money
b. Or if they own rental properties, required 6 months PITI
f. Fully executed Purchase Contract including all addendums, counter offers, Short Sale
approval, if applicable (purchase transaction only)
g. Estimated HUD-1
h. Borrower’s Authorization
i. Copy of Borrower’s Driver’s License/ID and SS card
j. Social Security Verification form
k. Appraisal Order form
l. Income calculations
Rental Income and Employment income calculations should be done, processor will verify
14.FHA Streamlines:
a. Copy of current Note
b. Mortgage statement (most recent)
c. Hazard insurance (most recent) – must include wind coverage
d. 2 months bank statements
e. Copy of Driver License and Social Security card
f. If receiving social security income, a copy of the SS award letter
g. Pay off demand (good through end of the expected funding month)
h. Max base loan amount = principal balance + 30 days interest – MIP refund;
Max loan amount = Max base loan amount + new UFMIP
i. One 30 Day late is acceptable if
a. 690 Credit score
b. More 90 days
c. And owner has owned the home more than one year
j. Manufactured must be submitted to Alternative lenders
k. Minimum 620