You will typically need to supply the
following documentation in addition to the
mortgage loan application. Please note that
depending on what loan program you choose more
or less documentation may be required.
- EMPLOYMENT : (A
full 2 year history is typically needed for each
Borrower).
Salaried
Borrowers usually need most recent pay
stubs (covering last 30 days) and last 2 years
W-2's.
Self-Employed, Commissioned
or Bonus Income Borrowers usually need
last 2 years full tax returns (signed with all
schedules attached), last 2 years corporate or
partnership returns (if you have more than a 25%
ownership interest) and a current year-to-date
profit and loss statement.
- ·
RESIDENCE HISTORY :
(You'll want to provide at least a full
2 year residence history). You will
want to provide a copy of your payment coupons
or statements on all mortgages. If you've rented
previous landlord name address and phone number
(Note: you may need canceled checks -front &
back- if residence payment history can not be
satisfactorily verified by credit bureaus).
- ·A
legible copy of driver's license
and social security cards
for all Borrowers.
- If you own any other Real
Property you may be asked to provide a
schedule of real estate owned including the name
and address of the mortgage holder(s), account
number(s), monthly payment including
taxes/insurances, and if rented, copy of
lease(s).
- Any additional sources of income
you wish to be considered should be
supported by appropriate documentation
(examples: social security, pension,
dividends/interest, child support, alimony).
Income from alimony or child support need not be
revealed if it is not going to be considered as
a basis for repaying the loan, however, alimony
and child support expenses must be considered
and verified. If you are divorced,
you will probably need to provide
copies of the property settlement statement and
final divorce decree. If you've declared
bankruptcy in the last 7 years you will
probably need to provide a copy the complete
bankruptcy and discharge papers.
In addition......
REFINANCE, DEBT CONSOLIDATION
& HOME IMPROVEMENTS LOANS usually
require:
- Copies of the original Closing Settlement
Statement (HUD-1), Warranty Deed, Mortgage (also
called the Deed of Trust or Security Deed in
some States - usually 4+ pages long), Note (2
pages), Owner's Title Policy, and copy of
hazard/flood insurance(s) declaration page(s)
with agents phone number. If you can't find all
your home documents try contacting the closing
agent that did your original closing and ask
them for a duplicate set.
- If
you are paying off any debt you
will want to provide copies of most current
statements on accounts to be paid off. If you
are doing home improvements
you should provide details of the
improvements to be made.
PURCHASE MONEY LOANS
usually require:
- A
copy of the sales contract and a list of contact
people involved with the purchase (real estate
agents, closing attorneys, etc.). Note:
If you currently own your home you will
need to provide a copy of the sales agreement
&/or contract if property is being sold; or
a lease agreement if your current home will be
rented.
- You
will most likely be asked to provide copies of
last 3 months bank statements, complete with
addresses and account numbers for all accounts
to be used as asset verification on your
application. If stocks and bonds are being used
as assets on your application you will usually
be asked to provide the name address and phone
number for your stockbroker and furnish copies
of your most recent statements.
- Employee Relocation Benefits.
If eligible, you will need to supply a
copy of the guidelines.
Remember these are general
guidelines. Please call us directly for more
details.
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