Overview of the Loan Process

1. Initial Application - Please allow one to two hours to review the financial information you have gathered and the loan options that are available to you. We will explain your choices and assist you in selecting the loan that best fits your needs, wants, and qualifications.
2. The Credit Report and Appraisal - An appraisal of the property is completed by an independent appraisal firm, and a credit report on your credit history is prepared. At the same time, your loan application is reviewed: employment and moneys on deposit are verified.
3. Your Loan Package Is Assembled - Your loan officer will be in frequent touch with you as your loan application is assembled and packaged for final approval . Each detail will be thoroughly reviewed so that potential obstacles are addressed to assure a smooth approval process.
4. Your Loan Is Underwritten - Your loan package is submitted to a lender for underwriting for final approval. When your loan is approved, you will be notified and given any final conditions.
5. Loan Documents are Prepared - Your loan documents and funding package are prepared for your signature. An independent escrow officer will review all documents with you. After you sign the final documents, your escrow officer prepares them for recordation.
6. You're A Satisfied Customer - Your loan is funded and the mortgage transaction is complete. We are happy to have served your home loan needs and having assisted you to home ownership.

Applying for a home loan is like telling a story - your story. The more detailed information you provide, the easier it will be for a lender to quickly process your application and make a decision.

Most applicants need to provide these items:

• Two years residency history
• W-2 Forms for the last 2 years
• Current paycheck stub reflecting YTD income.
• Employment history for the last 2 years, including dates, monthly income, addresses for verifications (any gaps in employment or changes in type of work or careers need to be explained in writing.)
• Information on all checking, saving, money market, stock brokerage, IRA, company saving plan, and other asset accounts, including account number, addresses, balances.
• Information on other debts, such as credit cards or department store accounts, including addresses, account numbers, current balances and monthly payments.
• A check to cover appraisal and credit report costs, the amount of which will be determined at your initial application.
• If you are divorced: Copy of final filed divorce including complete settlement agreement.
• If you are receiving child support and/or alimony, Canceled checks or bank statements for the last 12 months showing receipt of the same amount. (Note: You are not required to reveal this income unless it is needed for loan qualification.)
• If you are receiving Social Security and/or retirement income, Copy of award letter/most recent Verification of Deposit.
• If you own rental properties, Rental/lease agreements with addresses, mortgage account numbers, balances and complete addresses.
• Federal Tax Returns (1040's) for the last 2 years - complete with addendum's , re-signed with original signatures.

Other Documents You Might Need:

• If you are self employed, a corporation, a partnership, or receive 1099 Commission, or bonus income.
• Photo copy of Federal Tax Returns (1040's) for the last 2 years complete with addendum's, re-signed with original signatures. Signed year-to-date profit and loss statement.
• Photo copy of Corporate Federal Tax Return (1120's) for the Last 2 years with original signatures (this applies only if you are a corporate officer and/or major stockholder owning 25% or more stock.
• Copy of Partnership Federal Tax Return (1065's) for the last 2 years with original signatures (General Partner Only).
• Signed Partnership K-1 forms for the last 2 years (this applies for all limited partnerships as well as general partnerships).
• Final closing statement (HUD-1 form) if you sold a home in the last 12 months.
• Verification of Previous Mortgage.

• Proof of the availability of the funds from the donor (bank statement from the donor) showing the name, address, and account number of the source of funds.
• The name, address and telephone number of the donor.
• Proof of the transfer of the funds showing both the side of the transaction (copy of the check and a copy of the deposit or copy of the wire transfer showing the to and from accounts).
• Gift letter from the donor stating that it is a gift without recourse and no repayment is expected or implied in the form of cash or future service of the recipient. The letter must state the amount, source and purpose of the gift funds, and the relationship of the donor to the recipient.

• Front page of homeowner's insurance policy.
• Notes on existing mortgage(s) and lenders.
• Final closing statement if the home was purchased less than 2 years ago.
• Purpose of refinance letter and statement of purpose of cash out if appropriate.

If you are purchasing a condominium or townhouse:

All these documents should be made available to you by the seller or the project management.

• Bylaws and articles of incorporation
• Master insurance policy
• Sufficient Fidelity Bond coverage
• Current balance sheet for the Homeowners Association
• Current projected Budget
• CC & R's
• Occupancy requirements
• Resale requirements
• Addendum's A & B

The information contained in this guide has been provided to keep you informed of the facts and the financial process that is a major step toward successfully securing you home loan.