Home Loan List

Most of the home loan process the gathering of various documents. In order to pre-approve a borrower who applies for a home loan, we will need to review documents to verify application information. We’ll then need those documents, along with others, for an underwriter to approve the loan, and eventually to submit to the investor (Fannie Mae, Freddie Mac, Ginnie Mae, etc.). Below are the basic documents we’ll need, based on your income and asset type. All situations are unique, so you will likely need to submit additional documents, but the lists below are a good start. 

 

The first thing you can do is find all of your accounts and account information – bank accounts, tax preparation services, user names, passwords, etc.  

Non Citizen

  • Drivers License
  • Permanent Residence Card or Green Card

Income

  • Research and compile the names, addresses, and dates of employment of all employers from the last two years.
  • Be prepared to explain any gaps in employment (gaps are acceptable, we just need to know why).

Salary or Hourly Income

  • Pay Stubs – all received in the last 30 days
  • W-2’s – all received from all employers in the last 2 years
  • Military will need to download Verification of Employment from the MyPay website

Self-Employment or Commission Income

  • Tax Returns – full tax returns for the last 2 years, include all schedules and extensions
  • 1099’s – all received from all employers/projects/jobs in the last 2 years

Business Owners

  • Business Tax Returns – full tax returns for the last 2 years, include all schedules
    • K-1 tax forms for all partnerships and S corporations for the last 2 years
    • 1065 and of 1120 including all schedules, if you own 25% or more of the business

Alimony or Child Support

  • Divorce decree or court order stating the amount you receive
  • Proof of funds received for the last year, this can be obtained from the office of the attorney general website 

Social Security, Disability, Pension, Death Benefits, VA

  • Checking & Savings Accounts – all statements received in the last 2 months
  • Stocks & Bonds – most recent quarterly statement
  • Retirement Account – most recent quarterly statement and the terms of withdrawal 
  • Sale of existing home – signed sales contract and final closing disclosure once sold
  • Gift funds – be prepared to provide a gift letter and bank statement from the donor to show where the funds came from
    • Contact me before accepting funds, some programs only allow certain people as donors

REAL ESTATE OWNED

  • Checking & Savings Accounts – all statements received in the last 2 months
  • Stocks & Bonds – most recent quarterly statement
  • Retirement Account – most recent quarterly statement and the terms of withdrawal 
  • Sale of existing home – signed sales contract and final closing disclosure once sold
  • Gift funds – be prepared to provide a gift letter and bank statement from the donor to show where the funds came from
    • Contact me before accepting funds, some programs only allow certain people as donors

ONCE YOUR OFFER IS ACCEPTED AND YOU ARE UNDER CONTRACT.

  • After you and your agent have made an offer and it has been accepted, we’ll need a few additional documents to start processing your file and get you to closing. 

    • Sales contract and all addendums
    • Earnest Money Deposit
      • Copy of check or wire confirmation (do not use cash or money order)
      • Bank transaction summary showing the deposit leaving your account
    • Homeowners Insurance Quote for the new property
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