St Louis Real Estate

So, it's time to make loan application.  That means that it's time to get your stuff together!

What stuff is that, you ask?  Well, while underwriters are famous for asking for all kinds of off the wall stuff, this is the stuff that you'll need to get started:

1)  Your last 30 days worth of paycheck stubs.

2)  Your last 2 years W2's (unless you are self-employed or on commission in which case you will need your last 2 years 1040's including all of the schedules).

3)  Your last 2 months worth of bank statements (for investment accounts and other accounts that only mail statements quarterly, you will need your last quarterly statement).

4)  If you get your checks back, you can also provide your last 12 months worth of canceled rent or mortgage checks (so that your landlord need not be contacted or in case your lender doesn't report out to the credit bureaus).

5)  The application fee.  (ValueList charges $50.00 which is credited back to you at closing.  If you already have a property under contract the application fee is going to be $350.00)

Other items that you may need include divorce decrees, trust papers, bankruptcy papers in the event that you have been divorced, have a trust or have declared bankruptcy (within the last 7 years).  If you are relocating due to a new job or a job relocation, you will need the offer letter or relocation agreement.

You should also be prepared to explain any derogatory credit that you may have including any documentation as to what happened and how it has been resolved.

If you are using money that has been recently deposited in your account, you will need to provide a paper trial as to where the money came from.  For example, if you recently closed on a home sale and deposited the proceeds into your checking account, you will need to provide a copy of the HUD - 1 settlement statement.

           Making loan application or getting your money pulled together (Next)

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