After applying for a loan and meeting initial credit approval, every lender will require financial and related documentation to support the information in the loan application and eligibility for underwriting approval. Loan documentation depends mostly on the type of loan selected, borrower employment status, other REO Real Estate Owned and several other factors. In general, these are basic checklists:
W2 Employees (Standard Income without Self Employment)
- Government issued ID (US Patriot Act)
- Last two years W2s for all employers for each borrower on the loan
- All recent paycheck stubs received in the last 30 days
- Copies of checking and/or savings accounts statements for the past two months
- Evidence of any other assets such as bonds, stocks, or money saved in retirement programs (i.e. 401k or 403b program)
- Name and contact information for your real estate agent
- Sales contract for the purchase of a new home or real estate agent can provide
- Name and contact information for your homeowners insurance agent
Self Employed Borrower
- Two years personal and business tax returns - all pages, all schedules or accountant can provide with contact information
- Year to Date P&L
Additional Real Estate Owned REO
- Two years personal tax returns - all pages, all schedule or accountant can provide with contact information
- Mortgage statements, tax bills, homeowners insurance statements for each property
- Year to Date P&L for each property
Retired Borrower or Borrower with Social Security Income
- Social Security awards/benefit letter
- 1099s from Social Security
- Two months bank statements for checking and/or savings showing continued Social Security deposit
