Required Documents for The Loan Process

There are two parts to the loan process. When you initially speak with a lender about purchasing a home, that is the pre approval process for you as an individual.  This is the go ahead to find the right property within a certain budget.  Once you find that home and execute a contract on it, the property will also go through the loan approval process.

Documents required for ALL borrowers:

ll Borrowers:

  • Copies of W-2’s and tax returns for last two years.
  • Copies of paycheck stubs for last 30 days (most current)
  • Copies of checking and saving account statements for last two months (all pages)
  • Copies of quarterly or semi-annual statements for checking, savings, IRAs, CDs, money market funds, stock, 401 K, profit sharing etc.
  • Copy of Sales Contract (when available)
  • Employment history last two years (address any gaps in employment)
  • Residency history last two years, with name, phone number, address, and account number of landlord or a mortgage statement. For rental property; copies of leases plus mortgage information, property tax, homeowner’s insurance.
  • Canceled earnest money check (when it clears) or corresponding bank statement, if applicable
  • Refinance copy of note, settlement statement, survey
  • Any assets used for down payment, closing cost, and cash reserves must be documented by a paper trail
  • If paid off mortgage in the last year, need copies of HUD1 or release of lien.
  • If own 25% or more of a business, need company tax returns for last two years
  • Copy of social security card

Documents that may be required:

  • Relocation Agreement if move is financed by employer, i.e. buyout agreement plus documentation outlining company paid closing costs benefits
  • Previous bankruptcy need copies of petition for bankruptcy and discharge, including supporting schedule
  • Divorce Decree if applicable
  • Documentation supporting moneys received from social security/retirement trust income, i.e. copies of direct deposit bank statements, awards letter, evidence income will continue

 

Documents Needed For FHA/VA Loans:

  • FHA: copy of social security card for each applicant and co-applicant
  • VA: original certificate of eligibility and copy of DD214 discharge paper
  • VA: name and address of nearest living relative