Section 9 _Required Documents…Getting Together "Paper Proof"

Documents Needed To Apply for A Loan
__Overview by Robert T. Lord

There have been enormous strides in lending which have created an application process which, at times, can be virtually "paperless." The better your credit profile, the less documentation is required. Your PreQual-Analysissm will have generally determined how much "paper proof" you need to gather. If you have not completed your PreQual-Analysissm yet, go to Your FREE PreQual-Analysissm at this time and get started!

The manner in which you are paid for the work you perform may vary. For example, in your "day" job, you may work as a W2 employee; whereas, you may have a "side" job in which you earn additional income as a commissioned salesperson to augment your income. To utilize all of your income, you would gather proof of income for both positions. Take a look at the following to determine what may apply to you.

The Basics

W2 Employee

  • Last 2 years' W2s for ALL borrowers.

  • Pay stubs (consecutive) covering the last 30 days' of employment for all borrowers.
    For example, if you are paid twice a month, you would need 2 pay stubs. Continue to save your pay stubs until your loan closing.

  • Asset account verification as requested Continue to save your asset statements until your loan closes.
    • Checking
    • Savings
    • Mutual Fund accounts, 401(k)s, IRAs, CDs, etc.

  • Contact information referencing your current mortgage, or, fully executed Purchase Contract if your buying a home.

  • Property Hazard Insurance coverage information.

  • IF you are purchasing, documentation of the source of your down payment and closing costs, if applicable. If you are being given gift funds, there are specific documentation requirements.


Self-Employed and/or Other 1099 Income

  • Copies of last 2 years' personal and/or business federal income tax returns, as requested.
  • Year-to-date Profit & Loss Statement and/or Balance sheet, as requested.

The Miscellaneous "IFs"

  • IF you currently rent and are purchasing a home, you will need to provide your landlord(s) contact information - and have proof of timely rental payments for at least the last 12 months.

  • IF you own rental property, your lease agreements are required to document that income.

  • IF you have just graduated from college and have not been working full-time for the last 2 years, you'll need a copy of your diploma.

  • IF you are not a United States citizen, you must have a green card for documentation purposes.

  • IF you are not a permanent resident of the United States, your H-1 or L-1 visa is required. Additional verification may be needed.

  • IF you are Divorced, a copy of the Divorce Decree may be required; proof of child support and/or alimony will be needed if this income is being used to qualify you. Further, if you are required to pay child support, documentation will be required.

  • IF you have filed for bankruptcy protection in the past, you will need your Discharge & Schedule of Creditors.

  • IF there are any derogatory credit items in your credit profile(s), provide documentation for clarification. We can help!

  • IF a relocation company is funding your home purchase costs, you'll need to provide a copy of that agreement if required.

FHA Loan

  • Photocopy of driver's license or acceptable photo ID.

  • Photocopy of Social Security card.

VA Loan

  • VA Certificate of Eligibility.

  • Form DD-214 for in-service Veterans; Statement of Service if discharged from duty within the last two years.

 

 

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