This is a list of the documents needed on a typical transaction. Every loan is different, so we may need less than this, or we may need more.
INCOME (as applicable):
- Past 2 years’ employment history
- Last 2 consecutive paycheck stubs (Exception: In the month of January, the last paystub from the previous year plus any additional in January to add up to 30 days)
- Past 2 years’ tax returns (Notify your Loan Consultant up front if you have Schedule C or Schedule E income)
- Past 2 years’ W-2s and/or 1099s
- Most recent Social Security Award Letter
- Last 2 consecutive Pension paycheck stubs
- Schedule K-1 (Self-employed borrowers, if applicable)
- Documentation of any additional source of income used to qualify
ASSETS (as applicable):
The total amount of assets verified will be based on the required funds to close and whether proof of reserves are required.
- Last 2 months’ statements for savings, checking, CD, money market accounts, etc. All pages are required (if a statement says 1 of 6 pages, all 6 pages are required, even if blank)
- Last 2 months’ (or last quarterly) statements on retirement accounts (IRA, 401K, 403-B, Annuity, etc.)
- Divorce decree (if applicable: if you receive or are required to pay alimony or child support, or to verify debt for which ex-spouse is responsible)
- Bankruptcy schedules/Discharge papers (if applicable: to prove discharged or debt(s) included in the bankruptcy)
Patriot Act Requirements:
- State- or Federally-Issued Picture Identification: driver’s license, passport, etc.
- If you are NOT a US citizen, provide a copy of your green card (front & back). If you are NOT a permanent resident provide a copy of your H-1 or L-1 visa.
Purchase Transactions Only:
- Copy of Purchase Sales contract or Offer to Purchase and all addenda (signed by buyer and seller) if you have identified a property
- Contact information for realtors, seller and escrow officer (if known)
- Shop for homeowner’s insurance as soon as an offer to purchase has been accepted and provide your agent’s contact information to your Loan Consultant.
Refinance Transactions Only:
- Most recent mortgage statement(s) for all owned properties
- Rental Agreements on all owned investment properties not listed on the tax return and/or if the investment property is being refinanced
- Mortgage Note on subject property
- Name, address and phone for past 2 years’ residence(s) and landlord(s).