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Residential Loan Docs

Checklist of items needed for Residential mortgage loan, please print this page and assemble the following checklist of documents.

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

Income documentation (Proof of Income)

• 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 / 1099 Income / Comission income
• 2 years of tax returns with all schedules (Personal & Business tax returns, All pages, all Schedules; If the most recent years returns have not been filed, provide signed extension letter and the two years prior wtih a year to date Profit and Loss statement)
• Current Year to date Profit and Loss Statement
• Letter from your CPA (not Accountant), signed & dated verifying that you are self-employed and how long you have been self-employed.  Needs to show a minimum of 2 years of self-employment.
• A written letter of explanation
• The following items can also be provided: Articles of Incorporation documents, Business License, Web site print out
• Other items can be erquested by the underwriter, pending on the individuals personal situation.

If you receive income from any of the following:

• Social Security, Alimony, Child Support, Disability, Workmans Comp, pension income , grants, student loans unemployment income, or, any other benefits.
• Then provide a copy of the award letter or paper work associated with that income source.
• ie – Social security award letter, pension documents, divorce decress (alimony), copy of the grant, student loan paper work, etc..

Asset documentation (Proof of Financial Assets)

• 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”, we need all of the access codes for “The Work Number” in order to verify employment:
• 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.

I.D. verification for each borrower – 2 forms of I.D.

1. Social security card,drivers license or passport
2. Note: FHA Loans must have two (2) Forms of I.D.
3. If a Foreign National
4. Must be able to present a Green Card / documents for “perminent Resident Alien” status

Insurance Agent Contact Details

• Name, Phone, Fax, Email
• If you have other properties, provide the insurance agent for each property if they are different insurance agents.
• We will need the insurance agent to provide evidence of insurance for each property owned.

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

HOA Contact Details

If the property being financing or any other property is in a home owners association, copy of the Home  Owners Assocation presidents or finance person’s contact details.

Purchase transaction(s) (If the loan is to buy a house).

• 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 (Buyers agent & Sellers Agent). (If you don’t have a real estate agent, we will refer you to an agent to work with you).

Verification of Rent (VOR) (If you have been renting & you are now buying a home).

• 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

Mortgage Statement

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

Refinance

Trust Deed & Note

You may be asked for a copy of your Trust Deed & Note for your current loan.

Student Loans that are in Deferrment, (Deferrment paperwork)

• Deferrment paperwork for each student loan, it must show when payments start.

VA Loan paperwork

• VA Certificate of Eligibility
• If you have previously had either an FHA loan or a VA loan, we must have your previous FHA or VA Case Number.
• If disabled, Discharge

Appraisal

Letters of Explanations: See below

Rules of Thumb for when to write a letter of explanation:

• When you need to explain anything verbally, a letter of explanation in writing must be done.
• When you wonder about any topic if you need to explain anything, write a letter of explanation,
• Please have the letter of explanation, dated & signed by each borrower (and co-borrower if needed).

Credit Explanations

• Credit Issues that need to be explained, please provide a letter of explanation and any documentation available.
• Any and each person (borrower and/or co-borrower) that has Applied for or RECEIVED a new credit account 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).

• Copy of student loans or grants

If Just out of school or the military

• Letter explaining the purpose of cash out, signed & dated.

If Divorced (If you’ve gone through a divorce).

• 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 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

Construction Loans

This is in addition to the normal checklist of items

• If you have purchased the land already and you have owned the lot (land) less than 12 months, Settlement Statement showing the purchase price for the lot.
• Document your current house in the 1003 (Loan Application or where)
• Construction Check List
• Cost-to build figures / Cost break-down (itemization fitures)
• Copy of the contractors license
• Resume of the contractor
• Copy of building permit (if already purchased & paperwork has been issued)
• Copy of blue prints (plans)
• Analysis done by either an appraiser or a real estate agent on the new construction.