Here is a quick list for you to have ready to make your home loan process go quicker.
All Borrowers:
- Copies of W-2’s for past 2 yrs;
- Copies of paycheck stubs for past 30 days (most current);
- Copies of checking and savings acct stmts for past 3 mos (Copy all pages, even if blank, look at the bottom if it says page 1 of 6, then we need all 6 pages, etc.);
- Copies of quarterly or semi-annual stmts for checking, savings, IRA’s, CD’s, money market fund, stocks, 401k’s, profit sharing, etc.(Copy all pages, even if blank, look at the bottom if it says page 1 of 6, then we need all 6 pages, etc.);
- Copy of sales contract – with signatures;
- Employment history for past 2 yrs (explain on paper any gaps of employment);
- Residency history over past 2 yrs (complete address), with current mortgage info, if applicable. Land address, and mortgage info, if applicable. Rental property copies of leases plus mortgage info.
- Cancelled earnest money check when it clears with corresponding bank statement or stamped print-out from bank showing it has cleared.
- Commissioned or bonus income — if 25% or more of base, must have tax returns;
- Check for the expense of appraisal & credit report (ask first);
- Refinance Copy of Note, Deed of Trust, Settlement Statement, Survey, and Insurance information;
- Any assets used for down payment, closing costs, and cash reserves must be documented by a paper trail;
- If paid off mortgage in the last 2 yrs, need copies of HUD1;
- Copy of driver’s license for applicant and co-applicant.
Self-Employed Borrowers:
- Copies of most recent 2 yrs tax returns (federal only-with all schedules including K-1’s if applicable);
- Copy of current profit & loss statement and balance sheet;
- Copy of corporate/partnership tax returns for most recent 2 yr period if owning 25% or more of company — copies of all W-2’s and/or 1099 forms.
Additional Documents Which May Be Required:
- Relocation Agreement if move is financed by employer, i.e. buyout agreement plus documentation outlining company paid closing costs benefits;
- Previous bankruptcy, need copies of petition for bankruptcy and discharge, including supporting schedules;
- Divorce Decree if applicable;
- Documentation supporting monies received from social security/retirement trust income, i.e. copies of direct deposit bank statements, award letters, need evidence your income will continue.
Documents Needed for FHA/VA Loans:
- FHA: Copy of social security card and drivers license for each applicant and co-applicants;
- VA: Original Certificate of Eligibility and copy of DD214 Discharge Paper;
- VA: Name and address of nearest living relative
