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Mortgage Applied for:
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- Conventional.
Select Conventional if you are applying for a
loan that is not insured by a government agency.
Conventional loans may include conforming and non-conforming loans.
- Veterans Administration Loan.
Select VA if
you are a veteran applying for a VA loan, the
property is a 1- to 4-unit family dwelling, and you
intend to occupy the residence yourself.
- Federal
Housing Administration. Select FHA if
you want to obtain an FHA-insured loan.
- Farm
Home Administration. Select FmHA if you
are applying for a loan insured by the Farm Home
Administration. These loans are aimed
toward low- to moderate-income families and
rural areas.
- If you have talked to your loan officer about
alternate financing or a loan program that you think
does not fit into any of these categories, select
Other.
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Loan Amount:
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Type the loan amount that you are applying for without a
dollar sign ($) or decimal point (.). For example, if
the amount is $120,000.00,
type 120000.
If you are refinancing your home, the loan amount is determined by the appraised value
of your home. If you are
purchasing a home, the loan amount is based on the
appraised value or the selling price, whichever is
less.
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Interest Rate:
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Type the interest rate of this
loan. For example, if the rate is 7.5%, type 7.5 without the percent sign (%).
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No. of Months:
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Type the length of time, in months, before your loan
is paid off. If it is a 30-year loan, type 360. If it is a 15-year
loan, type 180, etc.
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Amortization Type:
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- Select Fixed-Rate if you want a loan for a
15- to 30-year term at an unchanging
monthly payment and interest rate.
- Select Adjustable Rate Mortgage (ARM) if you want a loan
with a payment and interest rate that fluctuates to
reflect a particular index. Select
Adjustable if you know you are applying for an
ARM.
- Select Other if you are unsure what
amortization type to enter.
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Subject Property Address:
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Type the address of the property that will be
security or collateral for the loan that you are applying for.
This may not be your current residence address if you
are applying for a loan on a second home, commercial
or income property, or purchasing a new home. If you
are refinancing the existing mortgage on your current
residence, type your current residence address.
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City, State, and ZIP Code:
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Type the city, state, and ZIP Code for the property that
will serve as security or collateral for the loan.
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Number of Units:
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This refers to the number of family dwellings in the
building that you are using as security for the loan.
If the property is a single family
dwelling, type 1, if it is a duplex, type 2, etc.
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Purpose of Loan:
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- Select Purchase if you are purchasing a home.
- Select Refinance if you are exchanging your old
loan for a new one. This is typically done to lower
your interest rate, to change to another
amortization type, or to consolidate your debts to
lower your household monthly payments.
- If you are applying for financing for the construction
of a new home or home improvement on your
property, select Construction Loan.
- A construction-to-permanent loan is the same
as a construction loan, except that it rolls over to
a fully amortized loan (usually a 15- or 30-year loan)
when construction is completed.
- Select Other if none of these options applies to your
situation.
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Property will be:
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- Select Primary Residence if the loan
is for the home that you live in most often.
This does not include a vacation home or income
property.
- Select Secondary Residence if the loan is for a second home
that you live in part-time (possibly a vacation home
or cabin), but not your primary place of residence.
- Select Investment if you are applying for a loan
on a property that is used for income. This can be
a single- or multi-family residence.
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Purchase Price/Estimated Value:
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Type the purchase price (for a purchase) or the estimated
value (for a refinance) without a dollar sign ($) or decimal point (.).
For example, for an amount of
$200,000.00, type 200000.
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Source of down payment,
settlement charges and/or subordinate financing:
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Source of Down Payment: If you are purchasing a
property and making a down payment,
briefly explain where the funds are coming
from. For example, if you are a first-time homebuyer
and part of your down payment is a gift, explain who is
giving you the money. If your
down payment is coming from savings or the sale of
another property, briefly describe the source of funds.
If you are not purchasing a home, there is no need
to comment on the source of down payment.
Settlement Charges:
If you are applying for a loan to
purchase a property, a settlement statement will be
prepared for you and the seller of the
property. Any settlement
charges that you are required to pay in escrow can be listed
here if they need to be taken into consideration for
you to qualify for the loan; however, this can only be an
estimate at the time of application.
You may leave the Settlement Charges blank
because the escrow company will define
exactly which charges you are responsible for before
your loan closes.
Subordinate Financing: The priority among
mortgages is usually determined by the date that the
instrument was recorded. This means that the first loan
to be recorded is usually the first loan to be paid off
when selling or refinancing your property. If you have a
second mortgage on your property, it will be paid off after
the first mortgage is paid in full. This means that the
second mortgage is subordinate (or junior) to the first
mortgage.
If you intend to apply for an additional loan to finance
the purchase of a property (a first and second mortgage)
or if you are refinancing your first mortgage and already
have a second mortgage on the property that will not be
paid off with this loan, explain the circumstances in the box.
If your second loan has a
subordination clause allowing you to get another first
mortgage without paying off the second and/or you
have the second lender's permission for this in writing,
briefly type this information in the box.
If you are unsure what to enter, leave this
explanation box blank—this in no way affects your
qualification for a loan.
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First, Middle, and Last Names, and Generation:
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Type your legal given name or the name you are
legally known by (not a nickname). Type your first name,
middle initial, and last name.
Enter a generation suffix (such as Jr. or Sr.) if
applicable.
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Social Security Number:
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Type your Social Security number if you have one.
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Home Phone Number:
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Type your residential telephone number including
the area code.
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Marital Status:
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Select Married (if
you are married), Separated (if you are married, but
do not reside with your spouse), or Unmarried (if you
are single, divorced, or widowed).
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Number of Dependents:
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Type the number of dependents living in your
household. For example, type 5 if you
have five children living with you. Children 18 years
and older do not qualify as dependents unless they are
still in school or need to live in your home for medical
reasons. Other relatives may qualify as dependents
also, depending on their circumstances. Count shared
dependents only once.
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Present Address
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This address information may be different from the
subject property information entered earlier.
Type the address at which you reside now
(street, city, state, and ZIP Code).
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Rent or Own?
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Select Rent or Own, according to your situation.
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How long at address:
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Type the number of years and months that you have
lived at this address.
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Former Address
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If you have lived at your present
address less than
two years, type the address at which you
resided last
(street, city, state, and ZIP Code).
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First, Middle, and Last Names, and Generation:
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Type your legal given name or the name that you are
legally known by (not a nickname). Type your first name,
middle initial, and last name.
Type a generation suffix (such as Jr. or Sr.) if
applicable.
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Social Security Number:
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Type your Social Security number if you have one.
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Home Phone Number:
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Type your residential telephone number, including the
area code.
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Marital Status:
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Select Married (if
you are married), Separated (if you are married, but
do not reside with your spouse), or Unmarried (if you
are single, divorced, or widowed).
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Number of Dependents:
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Enter the number of dependents living in your
household. For example, type 5 if you
have five children living with you. Children 18 years
and older do not qualify as dependents unless they are
still in school or need to live in your home for medical
reasons. Other relatives may qualify as dependents
also, depending on their circumstances. Count shared
dependents only once.
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Present Address:
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This address information may be different from the
subject property information entered earlier.
Type the address at which you reside now
(street, city, state, and ZIP Code).
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Rent or Own?
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Select Rent or Own, according to your situation.
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How long at address:
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Enter the number of years and months that you have
lived at this address.
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Former Address:
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If you have lived at your present address for less than
two years, type the address at which you
resided last (street, city, state, and ZIP Code).
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Current Employer Name:
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Type the name(s)
of the borrower's and co-borrower's
current employers. If you are self-employed, type the
name of your business. If you are married and one of
you (usually the co-borrower) is unemployed, type
Homemaker, and leave the rest of the employment
information for that spouse blank. If you
are retired from your job, type Retired, and
leave the rest of the employment information section
blank.
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Self-Employed:
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Select Self-Employed
to indicate that you are self-employed.
If you work for someone other than yourself, but are
also self-employed and want both incomes to be
considered in this loan application, select this box.
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Time on Job:
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Type the number
of years and months that you have
been employed with your current employer. If you are
self-employed, type the number of years and months
since you started your business.
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Previous Employer Name:
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If
you have
been employed at your current job less
than two years, type the name(s) of the borrower's
and co-borrower's previous employers. If you were
self-employed, type the name of your business.
Select Secondary Current Employer
if the borrower and/or co-borrower is
currently working two jobs.
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Start and End Mo/Year:
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Select the start and end Month and 4-digit Year of this employment. If you were self-employed, select the Month/Year that you started your business.
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Base Employment Income:
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Type your monthly gross earnings
for a 30-day period. This may
be wages or salaried income from your job. If your
base income amount is irregular, divide your yearly
total by 12, and type the total.
Self-employed
borrower(s) may be required to provide additional
documentation, such as tax returns and financial
statements.
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Overtime:
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Type the amount of overtime pay
that you earn on a regular basis.
Take an average if it varies from month to month.
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Bonuses:
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Type the total of bonuses
you receive on an average per
month.
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Commissions:
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If you earn commissions,
you must provide a 1099
form as proof of income. The lender will ask
your employer to verify this income with a verification of
employment (VOE) unless you are applying for a no
income verification (NIV) loan. Figure your total gross
income from your 1099 form, divide by 12,
and type the total.
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Dividends/Interest:
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Type the amount of dividend or
interest income that you want to be
considered for this application. This can be income from
investments (such as stocks, bonds, loans, savings,
etc. that are received on a monthly basis). Type the average monthly
income from these sources.
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Describe Other Income:
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Type the amount of retirement, Social
Security, child support, alimony, or separate
maintenance income that you receive.
Alimony, child
support, or separate maintenance need not be
revealed if you do not choose to have it considered
for repayment of this loan.
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Rent:
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If you don't own property,
but are renting, type the
amount of rent you are currently paying.
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First Mortgage (P&I):
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Type
the current principal and interest (P&I)
payment on your first mortgage if you know it. If you
have impounds included in your payment (taxes and
insurance added to your monthly P&I payment), type
the total payment.
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Other Financing (P&I):
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If you have
additional financing on the current property
(such as a second or third mortgage, or a private note), type
the monthly payments.
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Hazard Insurance:
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If you don't
have impounds and pay your hazard
insurance yourself (usually every six months), type your
monthly payment here. If you pay every six months,
divide the payment amount by 6, and type the
total.
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Real Estate Taxes:
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Present: If you don't have impounds, type your
monthly property taxes.
Proposed:
Type an estimated real estate tax
amount for the subject property if it is known.
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Mortgage Insurance:
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Mortgage insurance
is usually charged on loans that
have a higher than normal loan-to-value (LTV) ratio. This is usually paid
until your loan amount is reduced to 80% or less of
your home's appraised value. If you pay mortgage
insurance, type the amount unless it is
included in your monthly mortgage payment
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Other:
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If you have
other monthly housing expenses not listed
in any of these categories, type your monthly
payment(s).
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Property Type:
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Select the Property Type from the drop down selection menu.
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Property Disposition:
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Select Sold
if the property is sold but still in your name; select Pending Sale if it
is listed on a multiple listing service, a buyer has
already made a deposit on the property, or you are
trying to sell the property yourself; select Rental if
you own the property for income purposes.
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Property Street:
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Type the street name and
house number.
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Property City, State, and
ZIP Code:
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Type the city, state, and
ZIP Code as you would on a letter.
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Present Market Value:
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Type the present market
value of the property
described. Use a recent appraisal or comparable
properties if the property has not been appraised recently.
Type the value without a dollar sign ($), or decimal point (.).
For example, if the amount is $245,000.00, type 245000.
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Gross Rental Income:
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If the described property
is a rental, enter the gross
amount collected monthly from this property. Otherwise, leave a blank.
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Insurance, Maint, Misc.:
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Type the amount that you spend
in maintenance costs, taxes,
and insurance on the property described.
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