In order for us to expedite the processing of your loan application, we will need the following items as indicated below.
______ Complete an application for all individuals who will be on title to the property or who will be guarantors for the loan. Do not use white out if there are mistakes when completing the application. Line through any errors and initial afterwards.
______ Copies of your last two years Individual Federal Tax Returns with all schedules and W-2’s. If you are self-employed, please provide your current profit and loss statement, your balance sheet (Net Worth), a copy of your General Excise Taxes filing form for the current year.
______ Copies of your last two most recent payroll stubs. We will need to update your payroll stubs prior to closing the loan. Therefore, keep your most recent payroll stubs.
______ If you are an owner of a business entity (with 25% or more of ownership interest) and that is your main source of income, please provide the last two years of the Business entity, the current profit and loss statement, the balance sheet (Net Worth), a copy of the General Excise Taxes filing form for the current year.
______ For certain financial institutions and in order to minimize additional cost to your, kindly provide COPIES of the last three (3) months bank statements for all checking, savings, certificate of deposits (CD), stock brokerage, retirement accounts (including your 401k’s) accounts. We may need to update your financial information prior to closing. Therefore, keep your financial information in order.
______ If you have any other income (Social Security, Pensions, Retirement Income, Real Estate rentals, etc.) meaning any other money source, kindly provide a copy of those statements, monthly transaction reports and tenant rental agreements. We will need documentation for verification of additional income only.
______ If you are married for less than two (2) years, please provide a copy of your marriage certificate.
______ If you are married and your spouse wants to retain her maiden name, please provide a copy of your marriage certificate for loan document purposes.
______ If you are divorced and have not remarried, please provide a copy of your divorce decree.
______ For Purchasing of Real Estate: Kindly provide a fully executed sales contract (DROA).
______ FOR ALL BUSINESS ENTITIES: The last two years of the Business entities. Please provide the current profit and loss statement, the balance sheet (Net Worth), a copy of the General Excise Taxes filing form for the current year.
______ We will need a check for $75.00 payable to Ideal Finance, Inc. for every individual who will be on the loan and note. Guarantors included. In other words $75.00 for each person. This will be used to complete a credit report to determine your credit, lending and financial scores to the lender.
______ At a later date, you will be requested to write a check to an approved and licensed appraiser to appraise the real property. The appraiser will be selected by the lender or Ideal Finance, Inc. Although you will pay for the appraisal report, the lender ultimately owns the appraisal. You must assign or release the appraisal to the lender in order to satisfy the loan condition.