What You Need To Start the Loan Process

If you wish you can start your loan process online. By using Ameriquest’s loan calculators and other tools you can get a good idea of the amount of a loan you qualify for and by filling out the simple online form you will know if you pass the preliminary loan qualifications.

Once you have passed the preliminary qualifications you will be directed to a live loan specialist who will work with you to find the best loan package for you and your individual situation. It’s a good idea to start collecting the paperwork you’ll need to continue the loan process now in order to speed things along.

If you are employed you’ll need the following few documents:

• You’ll need last year’s W-2 form.
• You’ll need a dated and signed Federal Tax Return (the 1040 form) from last year complete with all the schedules.
• You’ll need a copy of the most recent pay stubs lf everyone who will appear on the loan documents.
• If you’ve found a home you want to buy and you have a copy of the Purchase Contract that will be required as well.

If you are self-employed you should get the following ready:

• A copy of last year’s signed and dated tax return including all schedules.
• A year-to-day Profit & Loss Statement that’s less than 60 days old.
• A signed current balance sheet.

There could be a few other pieces of paper you’ll need, depending on your particular situation. Ignore any of the following which do not apply to you.

• If your down payment includes a cash gift your loan officer will need a copy of the check or the wire transfer and a copy of the deposit into your account. This only applies to a home purchase loan.
• If you receive Social Security payments or payments from an annuity you’ll need to provide a copy of your awards letter and copy of a recent check.
• If you own real estate you’ll need a copy of a lease/rental agreement if applicable and copies of your property tax and insurance bills.
• If you receive child support or alimony you’ll need a copy of the divorce decree and evidence of income for the last 12 months.
• If you are the one paying child care or alimony you’ll need to provide a copy of your divorce decree.
• If you’ve had a bankruptcy in the last seven years you’ll need a copy of the discharge, a copy of the petition (including schedules A & B) and an explanation of the circumstances of the bankruptcy.
• If you currently rent, you’ll need to provide copies of your rental payments for the past 12 months and provide the name and address of your landlord.

As you can see, the paperwork required is fairly minimal. Keep in mind that Ameriquest works with people who have had bankruptcies and other problems and tries hard to find a way to make a loan work, so don’t assume that past problems automatically prevent you from owning your home today.