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Application Checklist

The following is a list of some of the support documentation that you may need to provide us with your loan request.

 Income verification — salaried

  • Pay stubs for the most recent 30-day period for each applicant showing year to date earnings
  • Most recent two years W2 statement(s)   -    for each borrower

 Other income sources

  • Social security income – copy of most recent awards letter
  • Disability or retirement income – copy of three months statements showing the Direct deposit
  • Alimony, child support, or separate maintenance agreements
  • Rental Income - Copies of any leases and two years of federal tax returns on any rental properties, mortgage     statement, tax bill, and insurance declarations page for each property owned

 Self-employed or commissioned borrowers:

  • Signed copies of your most recent one year’s personal federal tax returns and all applicable schedules
  • Signed copies of your most recent two year’s personal federal tax returns and all applicable schedules
  • Signed copies of your most recent Two years of business federal tax returns and all applicable schedules.    
  • Year to Date Profit and Loss Statement and Balance Sheet if after June 30 (self-employed only).

 Credit verification

  • Credit explanation letter for late payments, collections, judgments, or other derogatory credit history
     Judicial decree or court order for each obligation due to legal action
  • Bankruptcy/discharge papers for any bankruptcies in credit history
    Payment history for public utilities, phone, cable TV, car insurance, and other expenses
  • Credit Score Disclosure form to be signed and returned

 Deposit verification

  • Copy of all pages of checking and savings account statements from the most recent 60-day period

Purchase

  • Signed copy of your executed Purchase and Sales Agreement       Name and telephone number of contact for appraiser to call to access the property
  • Title V Private Septic Certification
  • Copy of all pages of checking and savings account statements from the most recent 60-day period
    Copy of all pages of asset account statements from the most recent 60-day period
  • Gift letter or evidence of the sale of your previous home, if applicable to your situation
    Verification of large deposits on asset or bank statements
  • Copy of your deposit (earnest money) check(s)
  • Verification earnest money deposit(s) clearing your bank account(s)

 Refinance

  • Copy of your deed along with the Exhibit A.  Provide the most current recorded with the Registry of Deeds
  • Current Mortgage Statement(s)            
  • Copy of your most recent real estate tax bill
  • Copy of your homeowner’s insurance declaration page
  • Trust docs (when properties are closing in a trust)-Copy of Trust Agreement along with Schedule of Beneficiaries

 Condominium

  • Condominium Questionnaire, including name, phone number, and address to contact
  • Condominium Documents-by laws, including name and phone number for condo association to contact 
  • current years’ budget,
  • Unit Deed
  • Master Deed
  • Condominium master insurance,, including name and phone number to contact along with  your “Walls In” HO6 policy. 
  • Proof of monthly amount of condo dues (HOA dues)

 Membership requirement

 

 

 

 

 

Crescent Credit Union NMLS #480403
115 Commercial Street / PO Box 4290, Brockton, MA  02303
Toll Free:  (800) 894-4445 Ext. 6364
Direct:  (508) 408-6364
mortgage@crescentcredit.org
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