Basic Documents Needed for a Purchase Loan
The underwriter may ask for additional documentation as the process goes on (depending on your particular loan scenario and according to their guidelines) but start with these:
For Wage Earners (Income reported to the IRS on a W-2 form)
1 month of most recent paystubs (showing year to date income),
2 most recent years W-2s (tax returns may be needed later if the underwriter requests it.)
If Self Employed
2 most recent years 1040 tax returns and Year to Date Profit & Loss statement for the current year.
Bank statement showing direct deposit of Social Security benefits, and any pension benefits, along with the most current statement from any pension or 401K you may be receiving payments from. Also a copy of the Social Security and/or Pension Award letter showing amount of benefit.
2 months bank statements all checking & savings accounts, money market accounts, etc (all pages, front and back, even if blank, because they are usually numbered). Online copies may be acceptable,
Latest annual, semi annual or quarterly statement from your 401K or other retirement acct.
For the Property:
A copy of the executed Purchase Contract with any Addendums,
Declaration page of your new homeowners insurance showing coverages and amount of premium (ask your insurance agent to prepare this),
Credit card authorization for appraisal fee (Loan officer will provide this form).
For Identity Verification:
Each Borrower to provide a clear color copy of a Driver’s license or state issued identification card and Social Security Card OR a copy of your Passport (this is a Patriot Act Requirement). If requesting a VA Purchase loan, please include a copy of your Certificate of Eligibility or your DD-214.
Permanent Resident Aliens: Please provide a copy of your United States Permanent Resident Card (USCIS Form I-551).
Foreign nationals without a green card wishing to purchase property, contact me for further information.
If Renting your Current Residence:
Please provide: Name, address, phone number for your Landlord, amount of rent paid monthly, how long have you rented there. Your Landlord will be contacted to verify your payment history.
The loan application requires your social security number, date of birth, number of years of education, number of dependents, your current and former addresses and your employers during the last 5 years including addresses and contact info. The loan officer will also run a credit report for all Borrowers. Be prepared to discuss any late payments, student loans in deferment, collection accounts, liens or judgments, etc.
Any questions regarding these requirements, please call 866-706-0827 or email me: firstname.lastname@example.org .