| If purchasing property, please provide the following:
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- Copy of Purchase and Sales Agreement or Offer to Purchase
- signed by all parties.
Include copies of any addendum.
- Copy of the deposit check or bank statements showing the source
of funds for the down payment and closing costs.
- Copy of the legal description of the subject property.
- Copy of the MLS sheet or Property Information Sheet.
- Termite Inspection
- Structural Inspection
- Building Plans, Cost Estimates with written estimates for each item or
Construction Contract, and Copy of Building Permit (construction loan).
- Tax Bill
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| Provide one primary source of identification
and at lease one secondary form of identification:
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- Primary Forms of Identification:
Valid Driver's License, Valid Passport, Permanent Resident Card (Green Card),
Firearms Permit, Police, Civil Service, or Military ID.
- Secondary Forms of Identification:
Social Security Card, Birth Certificate or Marriage Certificate, EBT Card (MA
Residents Only), Learner's Permit, Insurance Card, MA ID Card (MA Residents
Only), Current Utility Bill, Student ID with Signature, Current Credit Card,
or Employee ID with picture and signature.
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| Required Employment for the Past Two Years:
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- Employer names, addresses and dates of employment. Include address of
Human Resources or Payroll Department.
- Most previous two years of W-2's, and 4 of your most recent pay stubs
if you are paid weekly, 2 if you are paid bi-weekly.
- Signed copies of previous two-year's tax returns. If Self-Employed,
also include Balance Sheet and Profit & Loss Statement.
- Overtime income must be verified for a two-year period.
- All recent gaps in employment must be explained.
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| Required for Refinance or Home Equity Loans:
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- Copy of Deed for refinance or Home Equity Loan
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| If Divorced or Separated:
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- Provide copy of divorce decree along with copies of cancelled checks
or other means of verification, for the past two years, of child support
and/or alimony received. This information is only required if this source
of income is being used to qualify for this loan.
- Payers of child support or alimony are required to provide copies of
the divorce decree along with copies of cancelled checks or other means of
verification of payments made during the past two years in all instances.
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| Provide the Following Information to Verify
Sufficient Assets to Close:
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- Most recent two months checking account statements, or updated passbooks
including the Credit Union's name, address, and account numbers.
Any recent transfers of funds require a copy of the document showing the
source of funds.
- Most recent investment account statements or security, including the name
and address of the broker/fund.
- Gift funds are allowed from blood relatives only and if repayment is not
required. Provide the name and address of the donor if the funds are not in
borrower's account at the time of application, provide proof of transfer from
donor to borrower.
- If you are selling your existing home, include a copy of the listing
agreement, sales contract or HUD Settlement Statement if property has already
been sold.
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| Include the Following Information Regarding Your Liabilities:
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- Copy of Bill: Including names, address, account number, current balance,
monthly payment amount and number of remaining payments.
- Copy of the last month's mortgage statement if you have an existing
mortgage and real estate tax bill.
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| Fees to be Collected at the time of the Application:
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- Application Fee: $200 Single Applicant, $250 Joint Applicants,
N/A for Home Equity Loans.
- Appraisal Fee: *$250-$350 Single Family, *$300-$500 Duplex,
*$500-$700 Construction Loan, $150 and up (call for quote) Land.
- DU Underwriting Fee: $50.00, N/A for Home Equity Loans.
- Credit Report Fee: $10.33 per applicant or $18.66 for married
couple, N/A for Home Equity Loans.
- Flood Certification: $15.00, N/A for Home Equity Loans.
- Rate Lock Deposit: 1% of loan amount (refunded according to Luso's
Rate Lock Policy) holds rate for forty-five (45) days.
- Required Down Payment: 20% - MGIC Insurance approval is required
with under 20% down.
* Values over $500,000.00 call for quote
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