|
|
As credit standards have tightened after the mortgage industry debacle lenders have gone back to a more thorough documentation process. As a result you can expect to need the following items when you meet with your lender. You may find that more or less is needed based on your individual circumstances but it’s best to be prepared.
General Info:
- Check or money order for application fee.
- Legal Name
- Addresses for the past 2 years
- Date of birth
- Proof of ID with photo - Driver’s license, passport, government issued ID
- Proof of social security number - Social security card, government issued document with ss#
Employment/Income
- Employment history for the past 2 years with names, addresses, phone numbers, income figures
- Most recent 2 years W-2’s
- Most recent 1 month’s pay stubs
- Last 2 years federal tax returns if you are self employed, have commission income or excess overtime. own rental properties, are using income or dividend income to qualify
- If qualifying with child support/alimony – copy of the full divorce decree.
Assets
- Most recent 2 months (or quarterly) bank, CU, 401k, mutual fund, etc. statements – all pages
- Copy of any deposit checks made to purchase the subject property
- Web based copies of asset documents should include the full account number and account holder’s full name.
Credit/Debts
- If you are currently renting - last 12 rent checks or reference letter from landlord
- Letter explaining any derogatory information or inquiries on your credit report
- If you have deferred student loans – proof loans are deferred for at least 12 months
- Name, address, and account number for any debts not listed on the credit report
- If you were bankrupt, your bankruptcy papers (including schedule of debts) and your discharge
- If paying child support/alimony – copy of the full divorce decree
Property
- If you are purchasing – Purchase Contract, all addendums, multiple listing ticket, name and contact info for your realtor.
- If you are refinancing – tax bills for the property, homeowner’s insurance declaration page
- If property is a condominium – master deed, bylaws, financial docs, contact person for condo association
Miscellaneous (these may apply)
- If obtaining a VA mortgage – Certificate of Eligibility or DD214
- New construction – plans, specs, sworn statements, deed/contract to land
- Lease agreements for rental properties obtained in the past year
- Gift letter, copy of check, proof of deposit, proof of donor’s ability
|
|
