General Application Checklist ( What You Want To Know Wednesdays )

When you apply for a loan you will be asked to provide several documents.  Every case is unique, so you might be required to provide additional documentation.  We understand that this can be frustrating, but every document helps our Underwriters decipher if a loan is appropriate for you; which is our ultimate goal. Below is a general overview of a document check list so you can have an idea of what will be required.  Again, you may be asked to provide additional documentation to make your dream of homeownership a reality.

Your Income

• Copies of your pay-stubs for the most recent 30-day period and year-to-date
• Copies of your W-2 forms for the past two years
• Names and addresses of all employers for the last two years
• Letter explaining any gaps in employment in the past 2 years; a letter of explanation can help an Underwriter understand your situation immensely.  
• Work visa or green card (copy front & back)

If self-employed or receive commission or bonus, or rental income:

Provide full tax returns for the last two years PLUS year-to-date Profit and Loss statement (please provide complete tax return including attached schedules and statements.  If you have filed an extension, please supply a copy of the extension.)

 Source of Funds and Down Payment

• If you’re using funds from selling your current home - provide a copy of the signed sales contract on your current residence and statement or listing agreement if unsold (at closing, you must also provide a settlement/Closing Statement)
• Savings, checking or money market funds - provide copies of bank statements for the last 3 months
• Gifts - If part of your cash to close, provide Gift Affidavit and proof of receipt of funds

If you receive Social Security income, Disability or VA benefits:

• Provide award letter from agency or organization

If you will use Alimony or Child Support to qualify:

• Provide divorce decree/court order stating amount, as well as, proof of receipt of funds for last year

Debt or Obligations

• Prepare a list of all names, addresses, account numbers, balances, and monthly payments for all current debts with copies of the last three monthly statements
• Include all names, addresses, account numbers, balances, and monthly payments for mortgage holders and/or landlords for the last two years

* Specific loan program availability and requirements may vary. Please get in touch with your mortgage advisor for more information.