Preparing
To Apply For An Arizona Mortgage
Below you will find an itemized list
of all of the information typically needed to process
an Arizona mortgage. In order to start the application process
a "loan application" (form 1003) is completed
with information you provide verbally to a loan officer.
The loan application information includes your current
and previous address (if you haven't been in your home
for at least two years), your current and previous employer
(if you haven't been with the same employer for at least
two years) and your credit and asset information.
This list attempts to cover all of the
information that may be needed. The loan type and your
particular credit situation will eventually determine
exactly what documentation you will need to supply.
Borrowers with higher credit scores
may be eligible for certain income verification waivers,
e.g. you may only be required to provide one pay stub
or may qualify for what is known as a "streamlined
mortgage acceptance".
There are also loan programs which
offer a discount on the interest rates for Arizona borrowers
with exceptional credit. Ask us to see if you qualify.
| Borrower and co-borrower
information
- Photo copy of your photo
Identification (driver's license)
- Photo copy of your
Social Security card.
- Your home address for
the last 2 years
- If you have
rented/leased your residence, the name, address
and phone number of your landlords.
|
| Borrower and co-borrower
employment information
- The name, address and
phone numbers of your employers over the past 2
years
- Your academic transcripts or diploma if you
have been a student
Borrower and co-borrower
proof of income
If you are paid by salary
or are an hourly employee
- Last 30 days of pay
stubs for both borrowers. Stubs should be
computerized and include YTD gross income.
- Your W-2 and 1099 forms for the past 2 years
If you are self-employed
- Your current profit
& loss statement
- Your past 2 years income tax returns.
(all schedules)
If you own a corporation
- The last 2 years
business income tax returns
- Evidence of your quarterly income tax payments
If you are part of a partnership
- The last 2 years
partnership income tax returns
- Your past 2 years income
tax returns. (all schedules)
- Your current Profit and Loss statements
|
| Proof of other
income
Proof of rental income
- If you own real estate,
any current lease agreements
- Your past 2 years income tax returns including
all schedules
Proof of interest, dividend, bonuses
of commissions
- To count this income it must appear on your Federal Income
Tax schedules.
Proof of notes receivable
- If you are receiving
income from a private not provide copy of
the notes.
- To count this income it must appear on your Federal Income
Tax schedules.
Proof of social security or pensions
- Your award letter
- Your W-2 and 1099 forms
for the past 2 years
- Proof of recent receipt of payment (either
check stubs or your current bank statement)
Proof of child support, alimony or maintenance
- Last 1 years cancelled
checks or proof of receipt
- Provide copy of court document declaring
required payment.
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| Proof of borrower and
co-borrower assets
- Your current statements
for the past 3 months for any financial
institution where you have funds on deposit
including IRA's and 401K's, bank statements and
savings accounts.
- The Estimated value of
your personal property including automobiles and
real estate owned
- Copies of cancelled
checks for any monies earned other than from
your primary employer
- If gift monies are being
used as down payment a gift letter is required.
- If gift monies are to be
used consult the Loan Officer on how those monies should be handled.
|
| Proof of borrower and
co-borrower liabilities
- The names and account
numbers for all creditors including revolving
credit, installment loans, car loans, credit
cards and student loans
- The lender name, address
and account number for any current mortgages
including your current residence and any rental
properties you may own
- Any child support,
alimony or maintenance payment information. Provide
court documentation.
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