Please click each of the following categories to learn more about the information, documents, and fees required by Poli Mortgage at the time you submit your mortgage loan application.
Poli Mortgage will be ordering an appraisal on the property and the following information will be needed for this step:
- A complete copy of the sales contract, including any addendums signed by all parties (using full names as they will appear on the new deed), the amount of the earnest money deposit and who is responsible for closing costs, origination fees, etc.
- The complete mailing address of the property, its age and a full legal description
- If the house is to be built, or is still under construction, a set of plans and specifications
- Name, address, and telephone number of the real estate agent and/or seller of the property who will assist the appraiser in obtaining access to the property
- Evidence of septic pumping and county certification (FHA and VA loans only)
- Copy of the current well test and county certification (FHA and VA loans only)
The following information will be needed on all borrowers:
- Social Security Number
- Years of Schooling
- Marital Status
- Number and age of dependents
- Current address and telephone number
- All addresses used during the past two years
- Current housing expenses (rent, mortgage, insurance, and taxes)
- Name and address of landlord(s)/mortgage holder(s) for the past two years
To qualify your ability to pay the mortgage loan debt, Poli Mortgage will need a minimum of the following information:
- Two years of employment history, with employer’s name and address, your job title or position, length of time at the job, salary, bonuses, commissions, and average overtime pay
- 30 Days of recent, consecutive pay stubs and W2 forms for the prior two years (and possibly full federal tax returns)
- If self-employed, most recent two years of complete personal and corporate tax returns, along with a current profit and loss statement
- Records of dividends and interest received from investments
- Proof of other income (award letters for social security, retirement, pension, or military retirement)
We will also have you sign a general credit authorization, which will be sent to your employer to verify your employment and earnings, should we be unable to verify your employment over the phone.
If you are relying on income from other sources (e.g. rental property, Social Security, disability payments, child support, etc.) you must provide adequate proof for each source. Appropriate documentation could include cancelled checks, copies of leases, federal tax returns, certification of benefits, divorce decrees, and similar formal evidence of the income.
- All bank accounts, both checking and savings, and money market accounts with the name and address of the institution(s), name(s), account numbers, and current account balances
- Current statements from the past two months for bank and money market accounts
- Current statements for stocks, bonds, mutual funds, CD’s, and other investments
- Vested interest in retirement funds and investments
- Face amount and cash value of insurance policies in force
- Make, model, year, and value of automobiles owned
- Information on any real estate you own
- Value of any significant personal property you own
- A written explanation if there are gaps in your employment record, due to circumstances such as illness or layoff, or for any other reasonWe will be interested in the sources you will draw from to make your down payment and pay closing costs and fees. Any recent large deposits will have to be explained. Gifts from a relative, church, employer, municipality, or non-profit organization may sometimes be eligible to be used for these purposes, but each must be verified in writing. In some loan cases, any gift donors must also be a relative. These relatives will also be required to provide a letter stating their relationship to you, the amount of the gift, and the fact they do not expect repayment. Receipt of the gift funds must also be verified.
Similar to employment and deposit verification, our approval process will verify the financial information you provide on your loan application. To do so, we will order a credit report, and compare it against your application. Unexplained differences between the two documents could result in an approval delay, so it is to your advantage to take your time and complete the application as accurately and thoroughly as possible. To verify your financials, we will also need the following (if applicable):
- Itemized list of all current debts (e.g. loans, credit cards, child support payments, and any other bills or obligations), including current balances and monthly payments
- Written explanation of any past credit problems
- Full details of bankruptcy during the last seven yearsPlease inform your loan officer of any credit problems you may have had in the past. We recognize unemployment, illness, marital problems, or other financial difficulties can temporarily impair credit ratings. We will ask you to provide a written explanation of the circumstances with the loan application. Explanations such as these will be considered during the underwriting analysis. However, it is important to note chronic late payments, judgments, or loan defaults which have severely damaged your credit standing may prevent you from obtaining the mortgage loan financing you desire.
- Copy of divorce decree, which should include property settlement statement and order of child support
- Complete bankruptcy papers, discharge notice and any other supporting documentation (if bankruptcy occurred within the past seven years)
- Original certificate of eligibility (VA loans only)
- Copy of DD214 or Statement of Service (VA loans only)
- $450.00 application deposit, refundable at closing (excluded in Pennsylvania)
- Appraisal fee (paid up-front for Pennsylvania mortgage loans only)