Residential Loan Docs

Residential Loan

Loan Application - Online Click on Application button for the online application

Income documentation

• Employees
• Tax Returns - past 2  years - All pages, all schedules, all forms
• W2's / 1099's,  - past 2  years
• 1 month worth of consecutive pay stubs (Most recent month of pay stubs)

• Self-Employed of Comissionable income

• 2 years of tax returns with all schedules
• Current Year to date Profit and Loss Statement

• Social Security, Alimony, Child Support, Disability, Workmans Comp, any other benefits, grant, student loans

1. Then provide a copy of the award letter or paper work associated with that income source.

• ie - Social security award letter, copy of the grant, student loan paper work

Asset documentation

• Last 2 month’s of all bank accounts - ALL Pages (Savings, Checking, Brokerage accounts i.e. = Stock, Bonds, IRA’s, 401K’s, any other investment accounts) – with the address of your bank or credit union.

Employment Details for the VOE (Verification of Employment)

• HR / Human relations or individual who is responsible for verifying both employment and salary or income from the borrowers employment.
• If your employer (company) uses "The Work Number", all acess codes for "The Work Number"
• Employer ID
• Salary "Key Code"
• Company "Key Code"
• Note:  To have bonus or overtime income used, you must have had it for the past two (2) years & it must be able to continue in the future, otherwise it can't be used.

Appraisal

I.D. for verification of borrower

• Social security card,drivers license or passport

• Note: FHA Loans must have two (2) Forms of I.D.

• If a Foreign National
• Must be able to present a Green Card / documents for "perminent Resident Alien" status

Insurance Agent Contact Details

• Name, Phone, Fax, Email

Other items that may be needed: See below if you need any of these documents

Credit Explanations

• Credit Issues that need to be explained:
• Any person (borrower or co-borrower) that has Applied for or RECEIVED credit from any source in the past 4 months (120 days), MUST and HAS TO write a letter of explanation explaining why their applied for and why they received a new account if there is a new account (for whatever the purpose of the reason for applying is). Note: Even if it is for a rewards card at a department store, an auto loan, applying for a mortgage at another financial institution (bank, credit union or mortgage company).
• Please have the letter of explanation, dated & signed by each borrower (and co-borrower if needed).

Cash Out

• Letter explaining the purpose of cash out, signed & dated.  If there are credit issues that need to be explained, please provide a letter and any documentation available.

If Divorced

• Divorce Decree

If previously filed for Bankruptcy

• Copy of Bankruptcy Discharge document(s) from Bankruptcy court

If a Student & you are receiving student loans or you have grants

• Copy of student loans or grants

If Just out of school or the military

• Copy of school transcripts & diploma or discharge letter from the military contact information for the school to verify time in school.

Employment Gap letter of explanation

• Any time gaps in employment need to be explained in writing

Purchase transaction(s)

Purchase contract & all addendums

• Copy of earnest money check & agreement (processed from the bank - front & back of the check)
• Real estate agent(s) contact details

Verification of Rent (VOR)

• Letter from who you’ve been renting from for the past two years giving a history of your payment history & amount – We will supply this document by either email, fax or courier to them.  We need to have their name, phone number, fax & address.  If you have had multiple locations with-in the past two (2) years, we need to have two (2) years worth of rent history to verify.

Other Documents that may be Needed

• If you have another property, we’ll need to get a photo copy of your mortgage payment on the other property or properties.

Construction Loans

• If you have purchased the land already – Settlement Statement showing the purchase.
• Have an analysis done by either an appraiser or a real estate agent on the new construction.
• Document your current house in the 1003 (Loan Application or where)
• Construction Check List