Purchase Process

Purchasing or Refinancing?
What you need to have and need to know
 
Below is a list of items that will be needed once you have accepted our disclosures and let us know you want to move forward. They are not required before we take loan application and issue disclosures – but you can begin to gather them now:

Each item on this list is CRITICAL. Most people miss one or more of them, which delays the process. This is not the FULL list of everything that is needed, but these are the major forms of documentation required.
 
 
  • 2 years W2’s and / or year end income statements (1099r, 1099, other…)
  • 2 years 1040’s tax returns (federal – ALL pages, ALL schedules)
  • If Self-Employed, please provide 2 years 1120 and / or 1065 (corporate & K-1 returns required)
  • Most recent 30 day pay stubs; please no gaps in pay periods
  • 1 month of bank statements (all pages) showing funds to close & reserves
  •  Current Mortgage Statements for ALL properties owned
  •  Homeowner’s Insurance Declaration Pages for ALL properties owned
  •  2 years 1040’s tax returns (federal – ALL pages, ALL schedules)
  •  If Self-Employed, please provide 2 years 1120 and / or 1065 (corporate & K-1 returns required)
  •  If Self-Employed, need YTD Profit & Loss Statement
  •  If Self-Employed, need YTD Assets & Liabilities Statement
  •  2 years W2’s and / or year end income statements (1099r, 1099, other…)
  •  Last 2 months bank statements (all pages) – below are the rules for bank statements
    •  It must be 2 months (most recent) & must be ALL pages (Do NOT black out acct numbers)
    •  It must be actual statements and NOT transaction histories (transaction history missing info)
    •  All deposits greater than $300 will have to be explained (on paper) AND documented to prove the explanation.
  •  Most recent 30 day pay stubs; please no gaps in pay periods
  •  401k / IRA / Retirement / Stocks Statements (all pages) - must cover 2 or more months
  •  Copies of Driver’s Licenses
If Applicable (please read carefully)
  • If any of you have been divorced, need FULL divorce decree, child support, and alimony documentation
  • If you filed an extension for last year’s tax returns, you must submit a copy of extension & proof taxes paid
  • If you filed an extension for last year’s tax returns & are self employed, need P&L statement for last year
  •  Lease Agreements for ALL rental properties & rental income statements
  •  If using retirement statements (401k, 403b...), need “Terms of Withdrawal” from account provider
  •  Social Security & Pension Award Letters AND 2 years 1099s (year-end statements)
  •  Retirement income: Must get proof of continuance > 3 years of retirement income from income provider
  •  Disability Income: Award Letter AND 2 years 1099s (year-end statements)
When Applying For A Home Loan
 Do NOT change jobs
 Do NOT make large or cash deposits
 Do NOT move money around
 Do NOT apply for any other loans
 Do NOT have any credit score inquiries

If you have questions about these documents, feel free to call me


Apply Now

Return to Loan Options

 

facebook twitter
 
 
Powered by Car Loan Calculator
 

Quick Quote

Quick Quote Image

 
 
No errors
 
 
No errors
 
 
No errors
 
 
No errors
 
 
 
secure

Trusted. Experienced. Secure.