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| After selecting the home you want to purchase, you will need to obtain financing from Ross Mortgage. To obtain financing you
will be required to complete a Real Estate Loan Application. A representative from Ross Mortgage will assist you in completing the
application and answer any questions you may have regarding the loan application process. This checklist outlines the principal
documents and information that are generally required from both the borrower and co-borrower(s) to complete the application.
Your representative may require additional documentation depending on the circumstances of your loan. |
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| Documents Needed to Complete Loan Application |
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Copy of Purchase Sales Contract or Offer to Purchase and All Addendums - Signed by the
buyer and seller. |
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Property Information Listing Sheet or Multiple Listing Service Sheet |
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Tax Returns - Previous two(2) years personal federal income tax returns and all schedules
if you are : |
- Self-employed
- Employed in a family business
- A tradesman, or
- All or part of your income is derived from bonus, commission, partnership or trust income
-- or if you --
- Own rental property, or
- Have income from an otherwise nonverifiable source such as corportate ownership,
installment sales and tips.
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| Information Generally Required to Complete Loan Application |
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Employment History - Name and address of employer(s) for the last two(2) years,
dates of employment and income. Explanation of recent gaps in employment, if applicable. |
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Social Security Number(s) - For both borrower and co-borrower(s). |
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Checking and Savings Accounts - Depository institution names and addresses,
account numbers and balances. Depositories include banks, credit unions and savings and loans. Passbooks and bank statements from the
previous two months may be required. |
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Stocks, Bonds, Investment Accounts - Name and address of broker and
previous two months' statements or copies of the stock certificates. A list of serial numbers and issue dates may be acceptable for
verifying bonds. |
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Life Insurance Policies - Name of insurance company, policy number, face
amount and approximate cash value of each policy. |
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Retirement Plan - Approximate value of vested interest
and copy of most recent statement. |
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Automobiles Owned - Make and year of each automobile owned and current
market value. (Evidence of clear title may be required if owned free and clear.) |
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Other Assets - Estimate of the market value of other assets; i.e. furniture
or personal property. |
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Credit Information - For each open account, including credit cards with
a zero balance, provide: |
- Creditor Name
- Address
- Account Number
- Payment Amount
- Current Balance
- Date Paid in Full and Copy of Statement with -0- Balance (If Applicable)
You may also be requested to provide information regarding any application you have made for credit within the last ninety(90)
days prior to making application for your mortgage loan. |
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| Additional Information That May Be Required |
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Self-Employed Borrower - Previous two years' and current year-to-date
Profit and Loss and Balance Sheet. |
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Divorced or Separated - Copy of divorce decree or maintenance agreement,
along with any amendments and 24-month payment history of alimony/child support payments, if such payments are provided or received. |
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Overtime Income - If overtime income will be used to qualify, W-2's from
the previous two(2) years. |
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Other Income - Documentation of the income received for the past 12 months
if such income is used to qualify (i.e., interest or dividend income). |
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Renters - Landlord's name and address and previous 12-months rental
payment history. Rent receipts or cancelled checks are acceptable. |
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Real Estate Owned - Name and address of your mortgage lender,
account number and most recent year-end statement. In addition, if the real estate owned is: |
- Currently Rented - A copy of the current lease or rental agreement for each unit.
- Listed for Sale - a copy of the listing agreement.
- Sold But Not Closed - a copy of the sales contract and escrow number.
- Sold, Closed and the Proceeds From the Sale Will be Used for the Down Payment - a
copy of the HUD1 Uniform Settlement Statement.
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Gift Letters - If your source of down payment is a gift, a signed letter is
needed from the donor to verify that you are not required to repay the funds. |
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Construction/Permanent Loan - Signed construction contract with cost
breakdown and builder plans. |