Needs List

The following is the standard needs list for most loans. Other items will be required as you move through the process, but the list below will provide us with what we need to get a great start.

  1. Loan Application
    • Please fill out a secure loan application here.
    • Just fill out what you can and I’ll fill in the rest with you the next time we speak
  2. Financials
    • 2 years’ taxes (all schedules)
    • 2 years’ W-2s and/or 1099s
    • 2 months’ bank statements (all pages) to show down payments, closing costs, and reserves if/as needed.
    • 30 day’s pay stubs showing year-to-date income
  3. Current Loan Info and ID
    • A copy of your current mortgage statement
    • A copy of your current fire insurance “dec page” (may say “declarations page”) 1-3 pages
    • A copy of your driver licenses
    • A copy of your social security card (for FHA, VA and/or any other government loan)

Loan Types

There are an untold number of loan types available out in the market. However, the following list of loan types is seen most commonly. Please click on any of the loan types below to get more detailed information.

  1. Conventional Loans
    • Conventional loans use Fannie Mae or Freddie Mac to establish guidelines for borrowers.
    • A conventional loan can be conforming or nonconforming and have either a fixed or adjustable rate.
  2. FHA Loans
    • An FHA loan is a mortgage loan that is insured by the Federal Housing Administration (FHA).
    • These loans offer low down payment and gift options to help borrowers qualify for a home.
  3. VA Loans
    • A VA loan is a mortgage loan guaranteed by the U.S. Department of Veteran Affairs (VA).
    • The VA loan was created to offer financing to eligible veterans and their surviving spouses with no down payment.
  4. USDA Loans
    • USDA loans attempt to, “… assist low to moderate income rural homebuyers achieve their dream of homeownership!”
    • Partnering with local lenders, they provide 100% financing opportunities.
  5. Jumbo Loans
    • A jumbo loan is a type of mortgage that exceeds the required limits set by Fannie Mae and Freddie Mac.
    • Jumbo loans must be maintained in the portfolio or be sold to private investors.
  6. Fixed Rate Mortgages
    • A fixed-rate mortgage (FRM) is a fully amortizing mortgage loan.
    • The interest rate and payment remain the same for the duration of the loan.
    • 15-year and 30-year fixed-rate mortgages are the most common, although other terms are often available (from 10 to 50 years).
  7. Adjustable Rate Mortgages
    • An adjustable rate mortgage (ARM) is a mortgage loan whose interest rate is adjusted periodically based on certain parameters (as described below).
    • The 5-year and 7-year adjustable rate mortgages are the most common although other terms are often available (from 3 to 10 years).
  8. Reverse Mortgages
    • A reverse mortgage is a loan that allows seniors to access the equity in their home with no credit or income qualifications.
    • Repayment is required only when the borrower dies, sells the home, or moves out of the property for more than 365 consecutive days.
    • The homeowner must continue to pay the real property taxes, keep the house fully insured and maintain the property in good condition. Failure to do these may result in foreclosure.