Buyer’s Questionnaire & Checklist

Please note that one major step in the completion of the final approval process depends upon receipt of the documents listed in this checklist. Failure to provide these documents in a timely manner can delay or cancel loan approval. Start today by making copies and placing the required documentation in a folder so that when your loan officer asks for it, you are ready.

Darius Jenkins Loan Officer 11325 Random Hills Rd, Suite 400 Fairfax, VA 22030 NMLS# 187399 (571) 419-6612 darius@loansbydarius.com

LOAN QUESTIONNAIRE
Please provide the following answers for everyone on the loan

 Property designation you are looking to purchase?

o o o o

Primary Residence Second Home Investment Property Do you presently own property?

If so please provide address, approximate balance for each property and monthly rent and condo or homeowner association fee on the second home or investment properties

Property Type

o o o o

Single Family Townhouse Condo Multi Unit Building

What is your comfort range for a monthly mortgage payment (include property taxes and insurance)?

o

$____________________

Employee Type & Income?

o o o o o o o o
2

Full Time Employee Part Time Employee  (If Part Time the individual must have worked as a Part Time employee for the past 2 years) W2 Employee 1099 Self Employed Salary Income Hourly Income Overtime Income

Darius Jenkins – Sr. Loan Officer, NMLS# 187399 McLean Mortgage Co., 11325 Random Hills Rd, Suite 400, Fairfax, VA 22030

o o o o

Commission Income Bonus Income Retirement Income Investment Income

Other Income or Payments?

o o o o

Receive Alimony (Court Ordered) Receive Child Support (Court Ordered) Pay Alimony (Court Ordered) Pay Child Support (Court Ordered)

Number of people who will be on the loan?

o o o o

One Two Three or more If Property is a primary residence will everyone on loan be living in the property?

Assets, Down Payment?

o o o o o o o o

Down Payment from checking / savings / money market? Down Payment from sales of present property? Down Payment from Gift Money from family member? Down Payment from retirement accounts (IRA’s, 401K’s, Mutual Funds etc)?

Are you a Military Veteran? Retired In Reserves? National Guard

_____Yes _______No

First time using a VA loan?

______Yes ______No

3

Darius Jenkins – Sr. Loan Officer, NMLS# 187399 McLean Mortgage Co., 11325 Random Hills Rd, Suite 400, Fairfax, VA 22030

PURCHASE DOCUMENTATION REQUIREMENTS
Please provide these documents prior to your sales contract being ratified (signed by all parties), or No Later than 2 business days after your contract is ratified. > Financial statements must include your name, full or partial account number, and the name of the financial institution. > Please make sure all documents must be legible. If you can’t read the copies then odds are neither can we.

Please Provide Copies of the Following:  Proof of Identification:

o

Copy of Driver’s License or Passport or Appropriate VISA

Make sure the copy is legible and not too dark. It helps to enlarge the image on a copier if you are providing your driver’s license. *Depending on your residency status additional documentation may be required. (Note: You may be asked for a copy of your Social Security Card)

 Income & Finances:

o

Conventional / FHA or VA loans, please provide –

Two years’ most recent tax returns (please sign and date page 2 of the returns). (NOTE: If you are applying for a VHDA loan (Virginia Housing Development Program) you must provide 3 years tax return). (NOTE: if you are applying for a VA loan please provide a copy of your Certificate of Eligibility)

o o
4

If you are salary, hourly, or C Corp employee –  provide W2 Forms for the previous two years.

If you are self-employed – provide the previous 2 years’ tax returns (all pages and schedules, signed and dated). In addition, a year-to-date profit

Darius Jenkins – Sr. Loan Officer, NMLS# 187399 McLean Mortgage Co., 11325 Random Hills Rd, Suite 400, Fairfax, VA 22030

and loss statement may be required. Also, include a copy of your business license.

 If you receive a 1099 you are viewed as a self-employed borrower and 
will be asked to provide that category of documentation If you are an S Corp or Partnership provide business tax returns and K1’s

**(Self-employed & 1099 income will be calculated using gross income after expense deductions as claimed on tax returns)

o

If you have ownership interest in a Corporation or Partnership exceeding 25%, please provide business tax returns for the past two years, all schedules - including a profit and loss statement and a corporate balance sheet. Income from Alimony / Child Support must be court ordered. Please provide copies of legal papers (include all pages), and proof of receipt of those payments for a minimum of 3 months. Payment must continue for 3 months from date of purchase settlement.

o

 Income & Finances (continuation):

o o o o o

In order to use part-time income, you must have been working part-time for a minimum of 2 years at the same part-time job.

 Pay Stubs:
Two most recent paystubs if paid once a month Three most recent pay stubs if paid bi-weekly Five pay stubs if paid weekly

 Bank Statements: You must provide all pages ( Even if the last page is blank)
Two most recent bank statements for checking and savings accounts covering 60 consecutive days.  Online statements are acceptable and must include your name, account number, and the name of the financial institution. Online statements must be statements (typically the financial institution will have an online option where you can select to view/print the actual statement. Screen Shots are NOT acceptable and often do not have the customer name, account number and name of the financial institution)

 Investment Accounts: You must provide all pages ( Even if the last page is blank)

o

Most recent statement(s) for investment accounts (Mutual Funds, Money Markets etc.)  If statements are received monthly, provide the two most recent statements.

5

Darius Jenkins – Sr. Loan Officer, NMLS# 187399 McLean Mortgage Co., 11325 Random Hills Rd, Suite 400, Fairfax, VA 22030

If statements are received quarterly, statement.

provide

the

most recent

 Retirement Accounts: You must provide all pages ( Even if the last page is blank)

o

Most recent statement for retirement accounts (401Ks, 403bs, Pensions, IRA etc.)  If you are borrowing against your retirement accounts, please provide documentation explaining the terms of repayment, and statement(s) showing the withdrawal of funds.  Note: only 60% of the retirement account(s) vested balance may be counted as assets toward your purchase. If you are receiving Social Security Income provide a copy of your most recent Social Security Award Letter

o

 If you presently own property:

o

Provide mortgage statements for all properties, home owner’s insurance statement for all copies, copy of your HUD1 Settlement Statement (from when you purchased the property or last refinanced), copy of the NOTE (from when you purchased the property or last refinanced). If the property(s) is paid off.

o

Provide deed, home owner’s insurance statement, and property tax statements.  If property has a home owner’s association please provide copy of statement or payment coupon If you presently own property (continuation):

o

If property is a Rental property


 

  Gift Money:

Tax returns on rental properties are used instead of leases if you have been a landlord for 2 years Provide copies of all lease agreements Copy of the Note ( only 75% of rental income is counted as additional income)

o o

If you are receiving gift monies from a family member, please let us know. Family members gifting the funds must sign and complete a Gift Form which we will provide, and they must provide a financial statement for the account from which the funds are being withdrawn showing the withdrawal. Provide a copy of the gift check and bank statement showing the funds being deposited into your account.

Earnest Money Deposit:

6

Darius Jenkins – Sr. Loan Officer, NMLS# 187399 McLean Mortgage Co., 11325 Random Hills Rd, Suite 400, Fairfax, VA 22030

o

If you give an Earnest Money Deposit with your offer on a property, please provide a front and back copy of the canceled check once the money is withdrawn from your account along with a bank statement showing the withdrawal.

 College Transcripts:

o

If you have been employed less than 2 years due to being enrolled in school, please provide a copy of your official school transcripts.

Please Note:  As you receive new paystubs and financial statements during your home purchase process please provide copies. With the exception of any quarterly financial statements, the most recent statement(s) must be dated within 30 days of your settlement date.

 Do not make any large purchases or bank withdrawals during the process. You may
be asked by the Underwriter to write a letter of explanation for all large withdrawals from your financial account(s) and all large deposits into your account (non-payroll related). Do not make large deposits that are not paycheck deposits without contacting your lender first. If you are transferring money please provide documentation of the transfer from both accounts. Do not take out any loans from the time of your application until after the time you settle. Payments against any new loans will be counted in your debt to income ratio and could make you ineligible for a loan.

 Do not apply for new credit during you transaction process.

Lenders are monitoring a borrower’s credit for inquiries. If there is an inquiry into your credit during the transaction process an inquiry letter will be provided for you to complete.

Third Party Charges Paid Before Settlement There may be their party charges you will be asked to pay prior to your settlement. Therefore, you will be asked to complete a credit card payment form. (If you are unable to pay by credit card other payment arrangements may be available). These third party charges may be the following:

 Appraisals: 7 Darius Jenkins – Sr. Loan Officer, NMLS# 187399 McLean Mortgage Co., 11325 Random Hills Rd, Suite 400, Fairfax, VA 22030

o Appraisers do not work for the lender. They are an independent third party.
Appraisals can only be ordered 3 days after a borrower has received their initial disclosures, or if disclosures are signed in person or emailed to you an appraisal can be ordered that day. The appraisal management company will require payment upfront prior to the appraiser appraising the property. Note: The appraiser may charge more for Investment properties.

 Condos & PUDs (Home Owner Associations): o Condos must be approved by Fannie Mae if you are using a conventional loan,
FHA approved if you are using an FHA loan, or VA if you are using a VA loan. A condo questionnaire may be required to be filled out by the condominium property management company. A condo association budget sheet may required, along with a certificate of insurance on the condominium. Each condo property management company provides this information differently. Some will provide it free of charge. Others will provide it for a fee. These fees can run $25 - $300 or more depending on the property management company.

o PUDs are townhomes or single family residences in a Planned Urban
Development and require home owner’s association dues. A copy of the Certificate of Insurance for the association must be provided. This is ordered by the lender from the property management co. The property management co may send this certificate free of charge or they may charge you for the delivery. That charge can run $25 - $50 or more depending on the property management company.

 Insurance: o If you are purchasing a townhome or single family home, you will be required to
purchase home owner’s insurance. Home owner’s insurance is not selected by your lender. You, the buyer, are responsible for selecting your home owner’s insurance company. Once you have selected your insurance carrier please provide us with their contact information.

o If you are purchasing a condo, you will be required to purchase condo in-walls
insurance. You, the buyer, are responsible for selecting your home owner’s insurance company. Once you have selected your insurance carrier please provide us with their contact information.
Licensed by the Virginia State Corporation Commission as McLean Mortgage Corporation. State License #MC-5215, NMLS #99665

8

Darius Jenkins – Sr. Loan Officer, NMLS# 187399 McLean Mortgage Co., 11325 Random Hills Rd, Suite 400, Fairfax, VA 22030

Sign up to vote on this title
UsefulNot useful