LOAN APPLICATION CHECKLIST - Schlumberger



LOAN APPLICATION CHECKLIST

1. Purchase Agreement

2. Residence history

← Where you have lived for 2 years

← If renting, provide landlord or rental agency contact info

← If owner, provide current lender info

3. Employment history

← Contact info for past 2 years of employment

← Position held, status of employment (part-time, full-time, temporary, etc)

← Income earned at time of departure

← If self-employed or fully commissioned

- 2 calendar years of tax returns, YTD income and expense statement

- If major stockholder in corporation (25+% ownership), 3 years corporate

tax returns

4. Income

← Amount and sources (including salary and secondary sources)

- Military retirement, company pensions, social security benefits, disability benefits, child support or alimony will require a copy of the divorce decree

5. Assets

← Names, address and account numbers for all bank accounts

← Value of household goods and personal property

← Make, model, year and market value of automobiles

← Cash and face value of insurance policies

← Address, description and value of any other real estate owned (income properties should have a spreadsheet showing relevant data)

6. Gift Letter

← If gift is source of down payment or closing costs:

- The letter must be signed by the donor (a close relative) and state that the funds are not to be repaid

7. A list of liabilities

← Name, address and phone number for each creditor, balance, monthly payment and account number

← Copy of the divorce decree if there is any child support or alimony obligation

8. Certificate of Eligibility for VA Loans

9. If there is to be a sale of a present home

← Net dollar amount from the sale after deducting sales commission and other expenses

← If the buyer is being relocated by an employer who is paying all or part of the closing costs, a letter from the employer stating exactly what costs will be paid by the company

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