Want your mortgage to go as smooth as possible? Here is a list of the most common items your loan officer will need to get you the best loan available. The earlier you supply them in the process the more likely you are to have a smooth, worry free closing.
Please return all of these items as soon as possible to insure that your loan will close on time and with as little hassle as possible.
Printable Version
Identification:
- Copy of all borrowers’ current valid driver’s license.
- Copy of all borrowers’ social security card.
- Resident Alien’s should provide current identification card. (Front & Back)
Income
W-2 Employees
- Most recent thirty days of paycheck stubs.
- 2007 & 2006 W-2 forms.
- If commission or bonus comprises more than 25% of your annual salary please include 2007 & 2006 tax returns. (Always include all pages and schedules.)
Self Employed / 1099 Employees
- 2007 & 2006 tax returns. (Always include all pages and schedules.)
- If you W-2 yourself include most recent thirty days of paycheck stubs.
- If you W-2 yourself include 2007 & 2006 W-2 forms.
Retirement / Social Security Income
- Award letter.
- 2007 & 2006 1099R’s.
Child Support
- Divorce Decree or Court Order. (Always include all pages. Must support 3 years continuance of the income.)
- Proof of receipt of the income for 12 months.
Assets
- Most recent 2 months of bank statements all for checking and savings accounts.
- Always include all pages. Even if they say page intentionally left blank. The pages are number page 1 of 10 or page 2 of 6. The underwriter is required to review all pages.
- If you have any large deposits that are not noted as payroll deposits provide documentation showing where the money came from.
- Make sure the amount of money stated on your loan application is supported by the balance on your accounts. Again all recent large deposits must be explained.
- Most recent quarterly statement for all retirement, investment and stock accounts. (If you are using money from these accounts to fulfill your cash obligation at closing you may be required to show the terms under which the money may be withdrawn or proof that the money was withdrawn. Ask your loan officer.)
- Gift letter for any money gifted to you from a relative.
Bankruptcy
- Bankruptcy Discharge Papers. (Always include all pages)
- It will show up somewhere in the credit report and the underwriter is required to review all pages.
Insurance
- Name and phone # for the agent you will use to insure the property.
Rental History
- Name and contact information for landlords you have rented from for the last 2 years.
|
|
