Copy of valid state or federally issued photo ID (e.g. driver’s license or passport) for all individuals on loan (Smart phones take great pics and are easy to send!)
Documents to verify your legal residency and work status, if applicable
Purchase contract (signed by all parties) including all pages and addendums
Homeowner’s insurance declaration pages, mortgage statements and real estate tax bills (for all properties owned)
Disclosures signed by all applicants (your lender will send you a set of state- and federally-required disclosures)
Letter of explanation for recent credit inquiries, if applicable
W-2 Wage Earner Income:
2 years of most recent W-2 forms for all jobs listed on the application for each applicant
1 month of the most recent pay stubs for all applicants
Self-Employed Income:
Copies of signed tax returns including all schedules (past 2 years)
Provide K-1 statement for all applicants with ownership in a s-corporation or partnership
If any applicants own more than 25% of a s-corporation, c-corporation, or partnership/LLC, please provide last 2 years of business returns
Your lender is required to independently verify the existence of your business. Please provide contact information for your C.P.A. or a copy of your business license
Retirement, Pension, Social Security, Child Support and Other Income:
Provide most recent 2 years tax returns, most recent award letters for all pension/social security income (SSI)/disability, and most recent 2 years 1099’s
If income is in the form of an IRA distribution, provide the most recent two months’ statements to verify there are enough funds to allow you to continue to receive this income for a minimum of three years
If using child support or spousal support to qualify, provide court-stamped copies of the support agreement(s) to verify the income will continue for at least three years
Assets:
Copies of all bank statements from checking/savings accounts for the past 2 months (all pages, even the blank ones)
Any deposits into the above accounts over $500 must have a written verification as to the source of the deposit
Copy of earnest money deposit check and statement showing this deposit has cleared your account
If there are any gifted funds we will need documentation showing this is a gift, not a loan. Additionally, we will need to know the source of the gift. Your loan officer will provide an approved gift letter form.
