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Required Document List
The following items are traditionally used to support your
application; however, you do not have to send in documentation to begin the
process. We are often able to
proceed with a streamlined documentation requirements once your application has
been reviewed. Nevertheless, we do recommend that you begin compiling these documents so that you
are prepared if, and when, we need them.
- W-2's for each applicant for the 2 previous years.
- 30 days recent consecutive pay stubs. 5 stubs if
paid weekly, 3 stubs if paid every 2 weeks or semi-monthly, 1 stub if paid
monthly. If you do not save your pay stubs, begin saving them now.
- 3 most recent statements of account for each bank
account, savings account, money market account, cash management account, stock
or mutual fund brokerage account, IRA, certificates of deposit, or employee
retirement account currently used by each applicant. (Under Fannie Mae and
Freddie Mac guidelines we only need to verify the amount of cash the applicant
will be required to bring to closing plus 2 months' reserves. If you are
applying for a Fannie Mae or Freddie Mac loan, you will only need to provide
copies of those account statements that prove the necessary funds.) PLEASE
PROVIDE ALL PAGES OF THE STATEMENTS.
- Copy of divorce decree for each applicant that
either pays or receives alimony and/or child support.
- Record from child support office showing payments
received for the prior 12 months. (You must provide this record only if you
rely on the child support received to qualify for the requested loan).
- Copy of sales contract or purchase agreement for
property being purchased (inapplicable on refinances).
- Copy of declarations page from the homeowner's/hazard
insurance policy for the property (refinances only).
- If you derive a portion of your income from social
security benefits, please provide the most recent Social Security Award
Letter indicating the amount of your current monthly payments from social
security.
- Copies of current lease agreements for each
residential rental property that you own.
Additional Documents for Special Sources of Income
If you derive more than 25% of your employment income from
bonuses or commissions, you must also provide:
- Tax Returns (Form 1040) for the 2 previous years.
If you are a sole proprietor (report income on Schedule C of
your Form 1040 tax return) or if you own 25% or greater interest in the business
from which you derive your primary income, you must also provide:
- Tax Returns (Form 1040) for the 2 previous years.
- Year-to-date Profit & Loss Statements for that
business.
- Business Tax Returns (Form 1065 or 1120) for the 2
previous years, if the business is a corporation or partnership.
- K-1's for that business, if it is a Subchapter S
corporation or partnership.
WHERE TAX RETURNS ARE REQUIRED, PLEASE PROVIDE ALL
SCHEDULES, FORMS AND ATTACHMENTS TO THE RETURNS.
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