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Loan Application Checklist

In general, the documentation you will need includes:
Check for application fee
Property Information (if you already have a contract on a house)
Purchase Agreement.
Copy of legal description and MLS sheet.
If you are selling your current home, copy of listing contract.
If you have sold your current home, copy of settlement statement (HUD-1).

Income & Assets

Pay stubs for the last 30 days.
For the past two years:

 Names and addresses of each employer.

W-2s
Statements for each bank, mutual fund, and/or investment account for the last three months.
Estimated value of personal property and furniture.
If you have made any large deposits to your accounts:

 Explanation and source for deposit.

 If large deposit was a gift:
 

Signed gift letter (lender can supply).

 Copy of gift check.

 Copy of deposit receipt.
  If you own more than 25% of a business:
 

Corporate or partnership tax returns.
  If self-employed:
 

Tax returns for the last three years (with schedules).

 Year-to-Date Profit and Loss Statement prepared by an accountant.
  If you own rental property:
 

Tax returns for the last two years and current rental agreements.
  If you are retired:
 

Pension Award Letter.
  If you receive Social Security:
 

Social Security Award Letter.
  If you are counting child support as income:
 

Copy of divorce settlement.

 Copy of twelve months of cancelled child support checks.

Debts

Names, addresses, account numbers, balances and monthly payments on all current loans.
Explanation of credit report anomalies, including:
 

Late payments, credit inquiries in the last 90 days, charge-offs, collections, judgments and/or liens.

 Bankruptcy filed within last seven years (bring a copy of your bankruptcy papers).

VA Loans

Copy of DD Form 214, Report of Separation.

Miscellaneous

Photo ID and proof of Social Security number.
Residence addresses for the past two years.
If applicable, a copy of your divorce decree.
If you are not a citizen, a copy of the front and back of your green card.

 

Find out what your home value is, get a free estimate home value evaluation and find home value for your property in today’s Huntsville, Madison Madison County Real Estate Market. Our trained staff will estimate home value for your home and determine your home market value. Please note that this free home value is only for properties in The Greater Huntsville, Madison, Hampton Cove and Madison County area. This home value appraisal is provided as a free service so homeowners may get home value for their properties that they may consider selling. This is not a home value calculator but an actual market survey performed by an experienced realtor. Huntsville Alabama Real Estate

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Looking to Buy?

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Huntsville Alabama Area News and Real Estate News:
 
Plan To Cut 151 Teachers In Huntsville City Schools
3/11/2010 9:42 PM

Huntsville City Schools are facing massive budget cuts. The School District is more than $16 million short for the upcoming school year, and that means not just cutting back, but cutting jobs.Read More
 
FOP to urge death penalty for Kenneth Shipp
3/11/2010 5:20 PM

Kenneth Shipp , standing with attorney Jake Watson in court last month, will be sentenced March 26.Read More
 
Amy Bishop Fired Nearly A Month After Shootings
3/11/2010 1:04 PM

Required fields are marked with an asterisk The information you provide will be used only to send the requested e-mail and will not be used to send any other e-mail communications.Read More
 
Authorities Looking For Missing Huntsville Woman
3/11/2010 6:07 AM

Alabama authorities are looking for a woman missing from the Huntsville area. They believe she may be here on the Gulf Coast.Read More
 
Huntsville police blotter
3/10/2010 9:47 PM

Unless otherwise noted, the following incidents were reported to Huntsville police Friday and Saturday.Read More
 
Huntsville public schools could be looking at a new system wide uniform policy
3/10/2010 1:36 PM

Huntsville public schools could be looking at a new system wide uniform policy if one board member gets her way.Read More
 
Police Investigating Alleged Sex Crimes At Huntsville Hospital
3/10/2010 5:30 AM

Police are investigating three separate sexual abuse cases that allegedly happened at Huntsville Hospital over the last few days.Read More
 
School leaders address parents about Whitesburg gun incident
3/10/2010 1:14 AM

Sick and tired of threats of violence at their school, parents from Whitesburg Middle School showed up for a school meeting tonight.Read More
 
Alabama kicks off Great Alabama Homecoming to get former residents to return for celebrations
3/9/2010 5:52 PM

A total of 215 communities have signed up to be part of Alabama's new tourism promotion, the "Great Alabama Homecoming." Gov.Read More
 
Southern Family Markets closing Huntsville and Madison stores
3/9/2010 1:39 PM

Southern Family Markets stores at 9020 Bailey Cove Road in Huntsville and at 8050 U.S. 72 West in Madison are scheduled to close on Saturday, April 3. It was unclear today if other stores in the chain are also closed.Read More



Huntsville Alabama Area News and Real Estate News:
 
Monopoly Game Has A New Look
11/24/2009 8:06 PM

...Read More
 
Green Buildings: Fewer Sick Days, Higher Rents
11/19/2009 6:11 AM

...Read More
 
Trump Cuts A Casino Deal
11/17/2009 4:39 PM

He’s back. After seeing his New Jersey casino empire slide into bankruptcy for a third time, real estate baron Donald J. Trump has returned to the table.

...Read More
 
Hooter's Las Vegas in Default
11/16/2009 7:07 PM

...Read More
 
Milken Institute Ranks the Best Cities for Jobs
11/13/2009 6:34 PM


The Milken Institute came out with its annual list of cities that are best able to create jobs. The top ten were culled from a list of the nation’s 200 largest cities. All have managed to avoid the worst of the economic meltdown driven by falling housing markets and job losses in manufacturin...Read More
 
Vegas Condo Buyers Offered Partial Money Back
11/12/2009 2:10 PM

...Read More
 
Americans More Unhappy With Feds' Housing Fixes
11/11/2009 1:23 PM

...Read More
 
Where Home Prices Are Suddenly Hot
11/10/2009 5:35 PM

...Read More
 
Q & A on New Home Buyer Tax Credit
11/6/2009 3:35 PM

The National Association of Realtors Web site has a nice Question & Answer section about the new credit

The Realtors' spokesman tells me that the new credit will start tomorrow, not today.

"We rechecked the effe...Read More
 
Who Qualifies for New Homebuyer Tax Credit?
11/6/2009 10:15 AM

Update: Just spoke with somebody at Sen. Chris Dodd's office. According to the senator's banking committee staff, you can qualify for the credit even if you signed a purchase contract before today's date. The important thing is that you close on the home between today and June 30, 2010 (Your contract must be signed by April ...Read More



Huntsville Alabama Area News and Real Estate News:
 
Using the Huntsville MLS does require some knowledge of the system . Basic search terms at the first level window and the public section of the Huntsville MLS, Valley MLS are straightforward and simple. The second level search terms are more involved.
11/20/2009 1:49 PM
Using the Huntsville MLS does require some knowledge of the system . Basic search terms at the first level window and the public section of the Huntsville MLS, Valley MLS are straightforward and simple. The second level search terms are more involved. Using the Huntsville MLS does require some knowledge of the system . Basic search [...]...Read More
 
We are thankful each and everyday to be real estate professionals in Huntsville.
11/19/2009 7:47 PM
We are thankful each and everyday to be real estate professionals in Huntsville. Yes, certain market segments have been slow but as we finish the third quarter of the year Huntsville real estate has been very good to us. Sales have shifted from upscale homes to modest and entry level properties but our volume has increased . In short we have had an...Read More
 
Huntsville Alabama MLS
12/11/2008 7:53 AM
The following websites are resources for Huntsville AL MLS Search the Huntsville Alabama MLS for homes for sale in Huntsville AL and find homes for rent in Huntsville Al MLS Search the Huntsville Alabama MLS and request automatic email notification of new listings. Home sellers can get a Huntsville Alabama home value from experienced realtors. Se...Read More
 
Huntsville Alabama MLS Website looking to buy
12/4/2008 7:46 PM
Website looking to buy     Automated Property Searches Huntsville AL area MLS Search   Our Featured Listings    Homebuyer Tips     Whether buying your first home or your fifteenth, purchasing a new home can be unnerving.    Am I paying too much? How is the neighborhood and schools? Will I be able ...Read More
 
Huntsville AL MLS
12/4/2008 7:45 PM
   Even with the current state of the national economy and mortgage crisis, our local real estate market remains strong. Our local economy continues to thrive and we are expecting more job growth in the spring and summer of 2009.    There are some market segments and geographic areas that are experiencing a slowdown but Huntsvil...Read More
 
Huntsville Alabama Real Estate Blog / What is Negative Amortization?
3/17/2007 10:04 AM
Huntsville Alabama Real Estate Blog / What is Negative Amortization?Posted by Lenny Kelman  After posting an explanation on adjustable rate mortgages, I have been asked what a negative amortization loan is. Here is a brief overview:A negative amortization loan is an adjustable rate mortgage that allows the consumer to tap into home “equity” by...Read More
 
Huntsville Alabama Real Estate / National Economic Conditions
3/8/2007 6:40 AM
This week brings us the release of four factual economic reports to be concerned with along with the minutes from the last FOMC meeting. Two of the three reports are considered to be only moderately important while one is of low importance to the bond and mortgage markets. Still, the last report of the week [...]...Read More
 
Huntsville Alabama Real Estate; Rates Heading Down This Year?
3/1/2007 4:11 PM
    Rates Heading Down This Year?  The recent decline of the stock market may be an early indicator of what is coming for the remainder of the year.  If the correlation between the NAHB’s Housing Market Index and the S&P 500 Index holds true, we may see substantial decreases in home mortgage rates in the coming [...Read More




Huntsville Alabama Real Estate / Philip Winburn / Rosenblum Realty Inc. 2314 South Memorial Parkway Huntsville, AL 35801
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