The following checklist should be used in advance of your loan meeting with Penn South Federal Credit Union personnel:
PART ONE: INCOME & EXPENSE VERIFICATION:
We need XEROX COPIES (that we can keep) of the following items:
- State or Government issued ID (for all persons listed on the offer sheet; if more than one person is listed, BOTH must attend the meeting, participate in the loan application, and provide requested documents/xeroxes.)
- The Apartment offer sheet from Mutual Redevelopment Houses (this is the document with yellow highlighting on it but] just bring the whole folder)
- All of your current bank and credit card statements, utilities (rent, electric, cable, phone, internet etc.), home owner’s insurance, and any pre-existing loans (if you currently have a mortgage on another property, student, or car loan). If you are a co-signer on another loan, we need the paperwork on that too (basically we need corroboration of all your monthly or annually recurring expenses).
- We will also need copies of the last 2 years of Federal (form 1040) tax returns and/or copies of your last 4 or 5 Paystubs.
IMPORTANT NOTE: we do not accommodate requests to xerox documents on-site; you are expected to come to your meeting fully prepared with the aforementioned xeroxes. Additionally, we do not return the xeroxes or original documents furnished by loan applicants.
PART TWO: REQUIRED PAYMENTS:
- There will be some fees/deposits associated with the process, so please come prepared (bring your checkbook or a money order) to make a payment for $340 if you are joint applicants (2 people on the offer sheet) or $270 if a single applicant.The Payment is for the following:
- Joining; each applicant must make a $50 deposit in order to join the credit union (must be a member to apply for financing). JOINT ACCOUNTS require a $100 deposit ($50 per account-holder). This $50 is the minimum par value and must be maintained for the life of your account.
- A $20 fee for running the credit check (per person). Each additional credit check (if you need a co-signer) is $20.
- Mortgage loan app. fee: an additional $200 deposit is required as collateral for all mortgage loan applications. If the loan application process is abandoned, this $200 is non-refundable.
- CO-SIGNERS REQUIRE ADDITIONAL PROCESSING FEES & TIME: Should you require the use of a Co-signer, there is an additional $200 processing fee and (if your first co-signer is not viable, there is a)$100 processing fee per each additional co-signer attempt. There will also be an additional 2 weeks processing time per co-signer attempt.
KEEP IN MIND: When in doubt, BRING MORE paperwork, documents; better to have excess than not have enough!