Allen, Morris, Troisi & Simon, LLP
Attorneys at Law

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How To Apply For
A Mortgage Loan

This web site is maintained by the law firm of Allen, Morris, Troisi & Simon LLP. We are not mortgage bankers or mortgage lenders. You are not able to obtain a mortgage or cooperative apartment loan from our firm. The information contained on this web page is only meant to provide assistance and guidance for people who want to obtain a mortgage or cooperative apartment loan.

There are five parts to the life of a mortgage loan. They are:

1) Application
2) Processing
3) Underwriting
4) Closing
5) Servicing

The information contained on this page deals primarily with the application and processing parts of a loan.

FIRST: THE APPLICATION

All lenders will require you to fill out an application. Some lenders have an abreviated application which they use to pre-qualify you so that you will know exactly how large a mortgage you will be approved for when you make a formal application. Even though some lenders ask for minimal information to start the loan process, they all require their applicants to complete the full application at some point. You can prepare for this by printing out the FannieMae® Uniform Residential Loan Application and completing it at your own pace.

The forms provided from this web site are viewable in Adobe® Acrobat® Reader. If you do not have Acrobat® Reader, you can download the most recent version by clicking on this button.

Letter vs. Legal Most of the forms you can download from this page are designed to be printed on letter size paper (8½" by 11"). If you download a document which is designed to be printed on a legal size page (8½" by 14"), when you print it, remember to change your printer setting to "legal size" paper.

4 Pages, Legal FannieMae® Uniform Residential Mortgage Application
2 Pages, Legal FannieMae® Mortgage Application - Statement of Assets and Liabilities

6 Pages, Legal Spanish Language Version - FannieMae® Uniform Residential Mortgage Application
 2 Pages, Legal Spanish Language Version - FannieMae® Mortgage Application - Statement of Assets and Liabilities

Everyone wants to try to make their application look as good a possible. They want to try and convince the lender that they have lots of assets, a great job, and impeccable credit history. Unfortunately, this is not true for every applicant. As a result, the lender needs to make its own independent verification of each applicant's ability to repay the loan. This is done by verifying the information found in the application.

SECOND: PROCESSING THE APPLICATION

Listed below are most of the documents lenders will require from the applicant to process the loan. The primary purpose of such requirements is to verify the information provided on the application is complete and accurate.

1) Your most recent Federal Tax Return (for the past two tax years):

This means your form 1040, or the short form tax return, etc.

2 Pages, Letter Form 4506 - Request for Copy of Transcript of Tax Form The lender will have you sign one of these forms so it can get a copy of your most recent filed tax return from the IRS to verify the photocopy you provide is in fact correct. (That it has not been altered to enhance the loan application.)

2) Your most recent pay stubs (for the past 30 days):

The lender needs to verify that you make enough money to be able to comfortably afford to make the monthly mortgage payments.

1 Page, Letter FannieMae® Form 1005 - Request for Verification of Employment This form is completed by your employer verifying that you are still employed, and that your income is what you stated on the application. (Not everyone makes a six figure income.) By printing this form out and providing your lender with a signed copy for each of your employers to complete, you will probably speed up the approval of your loan application.

1 Page, Letter Spanish Language Version - FannieMae® Form 1005 - Request for Verification of Employment

3) Your most recent bank statements and brokerage-account statements (for the past 3 months):

1 Page, Letter FannieMae® Form 1006 - Request for Verification of Deposit Your lender will contact each of the institutions where you have bank accounts, brokerage accounts, etc., to verify the assets listed on your application. By printing this form out and providing your lender with a signed copy for each institution they may contact, you will probably speed up the approval of your loan application.

1 Page, Letter Spanish Language Version - FannieMae® Form 1006 - Request for Verification of Deposit

4) Your most recent IRA / Keogh / 401(k) statements (for the past 3 months):

Providing this information can only help you. Assets, even if you can't touch them until you are age 59½, are a good thing. They show you have financial goals and the restraint to set aside money, not just spend what you get.

5) Your most recent credit card account statements -(for the past 1 month):

They will want copies of the most recent statements from ALL of your credit cards, even if they have a zero balance, and even if you have not used the credit card in years. Remember, lenders want to be thorough.

6) The next payment stubs for your existing mortgage, auto, school, and other loans:

They will want photocopies of ALL of your existing mortgage/home equity loans, car loans, student loans, personal loans, etc. They will contact these creditors to verify loan balances and payment history.
(They want to know if you have been naughty or nice when it comes to payment history.)

7) If you are BUYING a new home, a copy of the contract of sale:

They will want a copy which has been fully executed by all parties.

8) If you are SELLING a home, a copy of the contract of sale on your existing property:

They will want a copy which has been fully executed by all parties.

9) If you are SELF-EMPLOYED, your most recent profit-and-loss statements:

Aside from the profit-and-loss statements, they may want other related documents. You should probably speak to your accountant about these requirements.

10) If you were RELOCATED by your company, a photocopy of the relocation agreement:

They will want a copy which has been fully executed by you and your employer.

11) If you are a RECENT GRADUATE, a copy of your transcript or diploma:

Lenders are willing to make loans to people without credit history if they are a good credit risk. If you have recently graduated, you'll be getting a job and are considered a good credit risk.

12) If you are RECENTLY DIVORCED, a copy of the divorce or legal separation agreement:

The lender wants to know if you are obligated to make payments to your ex-spouse, or if you'll receive payments from them.

13) If you RECENTLY DECLARED BANKRUPTCY, a copy of the court papers granting your petition:

Whether or not your prior debts were discharged in bankruptcy is important for your lender to known in evaluating your application.

14) If you receive SOCIAL SECURITY / RETIREMENT / DISABILTY income, a copy of the documentation:

This is additional income and will only help your application.

15) If you receiving a GIFT OF MONEY to be used to buy the home, you will need a gift letter.

1 Page, Letter Gift Letter - To be completed by the person making the gift. Print this letter out and have it completed by each person making a gift to you. Don't forget to attach evidence of the Donor's ability to provide the funds, and evidence of the transfer of the funds to you.

Good Luck!

Allen, Morris, Troisi & Simon is located at 112 East 19th Street, New York, New York 10003. Our telephone number is (212) 353-0040, and our fax number is (212) 505-8652. You can send us e-mail at webmaster@amtands.com. Your comments and suggestions are welcome.

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