The information the lender needs to process
your loan application falls into two general categories: the property
you're purchasing and your financial situation.
Your future home
The lender needs to appraise the home you're
planning to buy before it can approve your loan. That's because
your home serves as
collateral
for the loan and must be considered worth the amount you're applying
to borrow.
A signed
sales contract which specifies the names of the buyers
and sellers, the amount of the down payment, the
price, your proposed closing and occupancy dates,
and the official location — the lot and block
numbers — of the property
An
official survey by a licensed surveyor
Architectural
plans and specifications if you are building the
home or if it's under construction
Information
on the building's finances, including its
mortgage,
if the property is a
co-op
Your financial situation
You'll have to provide extensive
information about your income and your
debts
to demonstrate
that you'll be able to make monthly mortgage payments.
You may have to provide:
Employment
history for the past two years, including W-2 earnings
statements, recent paycheck stubs, and federal income
tax returns
If
you're self-employed, you'll need to show tax returns
and financial statements for at least the past two
years and a profit-and-loss statement for the current
year
Bank
account details, including the names and addresses
of your banks and mutual funds, the names on the
accounts, and the current balances
A
list of other assets, including investment accounts,
retirement savings plans, and the face value of your
life insurance
assets
List
of current debts, such as car loans and credit card
balances
Dwight
P. Robinson, Senior Vice President, Corporate Relations,
Freddie Mac
Dwight
P. Robinson, Senior Vice President, Corporate Relations, 
