MORTGAGE APPLICATION CHECKLIST

Brooklyn Federal Savings Bank
MORTGAGE APPLICATION CHECKLIST




If any of the following boldfaced categories pertain to your application, please submit information requested:

ALL APPLICANTS
	Completed Loan Application Form
	Flood Search Fee/Appraisal/Credit/Report Fee
	Completed Loan Inquiry Form
	Structural Improvement Letter
	Signed Authorization to Obtain Loan Information

FEES TO BE PAID AT APPLICATION

Appraisal:

1 Family $325 * 3 Family $550 * Condominum $325

2 Family $500 4 Family $600

Credit: $50 (husband and wife or per person)

Flood Search Fee: $19

IRS Verification Fee: $20 (self employed borrowers only)

PURCHASES

Copy of fully executed sales contract

Attorney letter verifying receipt of down payment, or

Copy of cancelled deposit check (front and back)

3 months’ bank statements showing source of down payment

REFINANCES

Copy of Deed (listing all applicants on Loan Application)

ASSIGNMENTS

Copy of recorded Mortgage

Copy of signed Mortgage Note

RENTAL INCOME

Copy of current lease – the same must be for a term of no less than 1 year, and to a bona fide third party, not leased to a blood relative.

OTHER REAL ESTATE OWNED

If you own additional real estate (including your current home) you must submit either a contract of sale for the same or a lease for a term of no less than one year. You cannot close on the Brooklyn Federal Loan until you submit either a lease (terms listed above) or a HUD Settlement proving sale of the same.

SOCIAL SECURITY, RETIREMENT PENSION, COMPENSATION, UNEMPLOYMENT WELFARE

Award letter or Social Security benefit letter stating amount, frequency and that duration will continue for at least 3 more years, and

Verification that payments are being received (For example, 3 month’s bank statements, most recent check stub, etc.)

Dividend interest income, current asset statements, and

Previous 2 years’ signed personal tax returns

CONDO/PUD

Public Offering Statement with all amendments

Prior 2 years’ Financial Statements

Current Year Budget

Letter from sponsor indicating the following;

— % of units sold to owner occupants
— % of units in Default/Foreclosure
— Total Rental Income/Debt Service for units not sold

RESIDENT ALIEN

Front and back copy of one of the I.N.S Cards:

1-151, 1-551, 1-94, 1-688, I-688A or 1488B

CREDIT HISTORY EXPLANATION (if necessary)

Explanations are required for all late payments, chargeoffs, liens, collection accounts or lawsuits

SALARY

Most recent dated pay stub

W-2s for income earned within the last 2 years

SELF-EMPLOYMENT INCOME

Previous 2 years’ signed personal tax returns with W-2s and all schedules, and 2 years’ signed business tax returns with all schedules.

Year To Date Profit and Loss financial statement dated within last 90 days if application submitted 6 months after previous fiscal year

If Ownership greater than 25%, also include:

Previous 2 years’ signed personal tax returns, with either cerporate or partnership tax returns and K-1s if applicable

CHILD SUPPORT, ALIMONY, SEPARATE MAINTENANCE
(if applicant wants to include as income)

Complete divorce decree or settlement agreement, stating the exact dollar amount to be paid and the duration of payments

GUARANTEED BONUS

Original letter from employer on company letterhead stating bonus is guaranteed

Previous 2 years’ signed personal tax returns with W-2s and all schedules

COMMISSION

Most recent original pay stub (dated within the last 30 days), and

Previous 2 years’ signed personal tax returns with W-2s and all schedules

FOR GIFTS

Original gift letter signed by the donor(s) specifying the amount of the gift, their relation to the borrower(s), donor’s telephone number; and that repayment is not required, and

3 months’ current bank/investment statements verifying donor’s gift funds

INTEREST RATES AND ORIGINATION FEES

Interest Rates and Origination Fees tend to fluctuate contingent upon the conditions of the market. On fixed rate loans interest rates and origination fees are locked in at time of application for 60 days. On adjustable rate loans interest rates and origination fees are locked in at time of application for 90 days.

MAXIMUM LOAN LIMITS

(Owner Occupied Only)

LOAN TYPE PROPERTY TYPE LOAN AMOUNT

FIXED RATE 1 Family Residence
or Condo $417,000

FIXED RATE 2 Family Residence $533,850

FIXED RATE 3 Family Residence $645,300

FIXED RATE 4 Family Residence $801,950

JUMBO LOANS 1 to 3 Family Residences $850,000

ADJUSTABLE RATE 1 to 4 Family or Condo $417,000

REFINANCING SAME AS ABOVE

PURCHASES
	Copy of fully executed sales contract
	Attorney letter verifying receipt of down payment, or
	Copy of cancelled deposit check (front and back)
	3 months’ bank statements showing source of down payment

REFINANCES
	Copy of Deed (listing all applicants on Loan Application)

ASSIGNMENTS
	Copy of recorded Mortgage
	Copy of signed Mortgage Note

RENTAL INCOME

	Copy of current lease – the same must be for a term of no less than 1 year, and to a bona fide third party, not leased to a blood relative.

OTHER REAL ESTATE OWNED

	If you own additional real estate (including your current home) you must submit either a contract of sale for the same or a lease for a term of no less than one year. You cannot close on the Brooklyn Federal Loan until you submit either a lease (terms listed above) or a HUD Settlement proving sale of the same.

SOCIAL SECURITY, RETIREMENT PENSION, COMPENSATION, UNEMPLOYMENT WELFARE

	Award letter or Social Security benefit letter stating amount, frequency and that duration will continue for at least 3 more years, and
	Verification that payments are being received (For example, 3 month’s bank statements, most recent check stub, etc.)
	Dividend interest income, current asset statements, and
	Previous 2 years’ signed personal tax returns

CONDO/PUD
	Public Offering Statement with all amendments
	Prior 2 years’ Financial Statements
	Current Year Budget
	Letter from sponsor indicating the following;
	— % of units sold to owner occupants — % of units in Default/Foreclosure — Total Rental Income/Debt Service for units not sold

RESIDENT ALIEN
	Front and back copy of one of the I.N.S Cards:
	1-151, 1-551, 1-94, 1-688, I-688A or 1488B

CREDIT HISTORY EXPLANATION (if necessary)

	Explanations are required for all late payments, chargeoffs, liens, collection accounts or lawsuits

SALARY
	Most recent dated pay stub
	W-2s for income earned within the last 2 years

SELF-EMPLOYMENT INCOME

	Previous 2 years’ signed personal tax returns with W-2s and all schedules, and 2 years’ signed business tax returns with all schedules.
	Year To Date Profit and Loss financial statement dated within last 90 days if application submitted 6 months after previous fiscal year
	If Ownership greater than 25%, also include:
	Previous 2 years’ signed personal tax returns, with either cerporate or partnership tax returns and K-1s if applicable

CHILD SUPPORT, ALIMONY, SEPARATE MAINTENANCE *(if applicant wants to include as income)*

	Complete divorce decree or settlement agreement, stating the exact dollar amount to be paid and the duration of payments

GUARANTEED BONUS

	Original letter from employer on company letterhead stating bonus is guaranteed
	Previous 2 years’ signed personal tax returns with W-2s and all schedules

COMMISSION
	Most recent original pay stub (dated within the last 30 days), and
	Previous 2 years’ signed personal tax returns with W-2s and all schedules

FOR GIFTS

	Original gift letter signed by the donor(s) specifying the amount of the gift, their relation to the borrower(s), donor’s telephone number; and that repayment is not required, and
	3 months’ current bank/investment statements verifying donor’s gift funds

MAXIMUM LOAN LIMITS
*(Owner Occupied Only)*
LOAN TYPE	PROPERTY TYPE	LOAN AMOUNT
FIXED RATE	1 Family Residence or Condo	$417,000
FIXED RATE	2 Family Residence	$533,850
FIXED RATE	3 Family Residence	$645,300
FIXED RATE	4 Family Residence	$801,950
JUMBO LOANS	1 to 3 Family Residences $850,000
ADJUSTABLE RATE	1 to 4 Family or Condo $417,000
REFINANCING	SAME AS ABOVE