Mortgage Loan Information

Preparing for Your Loan Application

Application Checklist:

• Copy of purchase contract.

• Last two years W-2's, and pay stubs for the most recent 30 days.

• Residence address (including landlord phone #'s if applicable) for past two years.

• Names and addresses of each employer for the past two years.

• Names, addresses, account #'s, balances, and monthly payments of all monthly obligations, not including utilities.

• Addresses of other real estate owned, as well as loan information.

• Certificate of eligibility and DD-214's (VA loans only).

• Check for credit report and appraisal. (The credit report fee will be waved if you mention this web page).

• If self-employed, commissioned or bonus earning individuals, the past two years tax returns (complete set) and a year to date profit and loss statement.

• Complete Divorce Decree, if applicable.

• Copy of Drivers License (FHA/VA loans only).

• Amount of day care cost (FHA/VA loans only).

Types of Mortgage Loans

Conventional Fixed Loans:

• These loans can range in terms from 15-30 years. The maximum mortgage loan amount is 95% of the purchase price when financed through Market Street. The interest rate never changes and the monthly principal and interest payments remain stable throughout the life of the loan. There are no pre-payment penalties.

Adjustable Rate Mortgages:

• Adjustable rate mortgage loans have interest rates that are subject to change at either 1,3,4 or 10 years. The rate of interest corresponds with adjustments in the yields on U.S. Treasury securities. The adjustment can be up or down, depending on the change in the index to which it is tied. However, interest rate caps limit adjustments during each period. Monthly payments are adjusted when interest rates change so the loan will amortize and be repaid within the original loan term. This type of loan usually offers lower initial interest rates and monthly payments.

FHA/VA Mortgages:

• These mortgages are insured by the Federal Housing Administration or guaranteed by the Department of Veterans' Affairs. They are offered as fixed or adjustable rate loans with terms of 15 or 30 years. A maximum loan amount is established by the government. These loans are assumable and generally have lower down payment requirements.

Construction Loans:

• For construction financing, Market Street offers both fixed and adjustable rate mortgages. Ask your loan officer about two of our newest programs-the Plus Mortgage and the one time close construction loan. The Plus program allows buyers to finance the cost of home improvements and renovations into their mortgage while the one time close helps save on closing costs and gives you the flexibility of locking in your rate during the construction period.

Community Home Buyer's Program:

• These loans can range from 15-year or 30-year fixed rate mortgage. You can buy with as little as 3% down. Your interest rate will not change for the life of the mortgage. This program is available only to people who earn up to a certain income.

Pre-approval:

• Market Street can process your loan application before you shop for a home. By obtaining a mortgage commitment in advance, you will be able to look at homes that are within your budget. And, you will have the confidence and peace of mind knowing that your mortgage funds will be available when you find the right home. Your pre-approved mortgage will also put you in a much stronger negotiating position with the seller.

Other Program:

• Cost of Funds an Libor ARM products.

• First Time Buyers Programs.

• NO-DOC Programs

• Home Equity Line.

• 2^nd. Mortgage Money

• Relocation Programs