Pamela J. Gordon, President
There are several items of documentation we will need for your loan application and processing. They encompass 3 main categories: Income, Assets and Debts. There are also some other items we will need. Please use this list to begin gathering the necessary items.
1. 1 month of current, consecutive pay stubs from all jobs.
2. 2 most recent years of W-2's and 1099's from all employment.
3. If you are self-employed or have commission or bonus income that is more than 25% of your total income, we will need 2 years of your complete, personal Federal tax returns with all schedules and pages.
4. If you are commissioned or self employed, we must have the income for 2 years. (There are some exceptions, so talk to us if you have a problem concerning this).
5. In order to use bonus income, we must have a 2 year history and your employer must state that it is likely to continue. Also note that all bonus, self-employed or commissioned income is averaged for 2 years.
6. If you receive social security income, we will need the annual award letter.
7. If you receive pension income, we will need the award letter stating that it will be received for at least 3 more years. We will also need 2 months of check stubs or bank statements showing direct deposits.
8. If you receive annuity income, we will need a copy of the annuity statement showing the monthly/annual amount being received and either check stubs or bank statements showing 2 months of direct deposits.
9. If you receive rental income we will need a copy of the lease. If it does not show on your tax returns, we may need proof of a 1 year history of collecting rent and copies of rent checks received and deposited into your account for 12 months.
1. 2 months of statements, WITH ALL PAGES, from any type of account your have. That includes: checking, savings, money market, investment, 401K or other retirement accounts, mutual funds, bonds, etc. They can be printed from the Internet if it shows your name, address, account number and shows the website address on each page.
2. A paper trail explanation for all large deposits into your accounts that is not identified on the statement. That usually means over $1000 but might be higher if you have larger deposits on a regular basis.
3. If you are using funds for closing from any account that the funds are not in cash, such as mutual funds or a retirement account, the funds must be converted into cash in your bank account before the underwriter's will count them as available for closing.
4. If your loan closing depends on the closing of another property, we will need the complete purchase agreement, a Realtor's statement showing the approximate amount you will net from the sale and the Settlement Statement from the closing when it occurs.
5. If you are using gift funds for all or part of the down payment and closing costs, we will need a gift letter from your relative who is giving you the gift stating their name, address and relationship, the amount they are giving you and that it does not need to be paid back. We will also need a copy of the check and the deposit slip into your account.
1. Most debts will be shown on your credit report, which we will access and review with you.
2. If you have any installment or revolving debt that does not show on your credit report, we will need the documentation showing the details of the debt.
3. If there are any inquiries on your credit report in the last 90 days, we will need an explanation letter from you stating what the inquiry was for and if it resulted in any new credit that is not on your credit report. If it did, we will need the written information about the credit established related to the inquiry.
1. A copy of your drivers license or other photo I.D.
2. The name and contact information for your homeowners insurance agent. If you are purchasing a property, you will need to either pay for the first year policy ahead of closing and send us the receipt or it will be collected at closing.
3. If the property is in a flood zone, the name and contact information of your flood insurance agent.
4. A copy of the completely signed purchase agreement and seller's disclosure.
5. Contact information for any Real Estate Professional that you are working with.