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APPLICATION CHECKLIST

This checklist is to prepare for the actual loan application that follows in the next section.  The information will be required on both the borrower and co-borrower.  By gathering this information before you start working on the application, will help you through this task.

    1. If: W-2 wage income borrower (Latest Pay stubs)

      A copy will be required by the Lender.  This will show the following information for completing your application. Eagle Lending will obtain a verification of employment (VOE) from your employers.

      bullet Employers name
      bullet Employers Address
      bullet Year to date income
      bullet Monthly income
      bullet Social security number
      bullet Year to date payments (401K or stock plan)
    2. W-2 tax forms for latest 2 years

      A copy will be required by the Lender.  This will indicate the same information as reflected above, but for the past 2 year period.

    3. If: self employed borrower (last 2 years 1040 taxes)

      A copy will be required by the Lender   Eagle Lending will call to verify your employment.

    4. Current assets accounts

      A copy will be required by the Lender.  Current assets such as individual Retirement Accounts (IRA’s), certificates of deposit (CD’s), stocks, mutual funds, and bonds.  If you own securities, your lender will require a current brokerage statement with the name of the brokerage house, their address, account number, account balance and your name on the account.

    5. Checking accounts and Saving

      Name of financial institution that is providing you with these accounts.  You’ll be asked to provide the institutions name, address, account numbers and estimated balances.  Eagle Lending will obtain a verification of deposit (VOD) from these institutions.

    6. Current and Previous Addresses

      If you currently own a home or have additional properties, you will need the property address, market value, monthly payment, current balance due and property tax monthly payment.  You will only need to provide information on former addresses, if you have lived at your current address less that 2 years.

      If you rent, provide information for the name and address of the landlord with monthly rent amount.

    7. Purchase agreement

A copy will be required by the Lender. If you are purchasing a home, you will need the purchase contract with addendum’s.  Also obtain copies of the earnest money (down payment) check as part of the down payment paper trail.

If you don’t have a signed purchase agreement, you can get Pre-qualified for a prescribed loan amount and monthly payment.  Eagle Lending would obtain a (VOE) and run a credit prior to providing you with a Pre-qualified letter. No further action would be take until you found a property and had a sign purchase agreement.

  Glossary

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