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After you request your loan and
if you want to apply for a loan, it's a good idea to start gathering
up the following information. You need to submit this information to
your Loan Officer in order to continue the loan
process.
- Last year's W-2
form.
- Signed and dated Federal Tax
Returns (1040's) from the last year, including all
schedules.
- Most recent pay stubs for
each borrower.
- A copy of your most recent
mortgage statement (if available).
- A copy of the Purchase
Contract (if applicable).
If you are
self-employed:
- Last year's signed and dated
tax return, including all schedules, a year-to-date Profit and
Loss (P&L) Statement that is less than 60 days old, and a
current signed Balance Sheet.
- If you're part of a
corporation or partnership, provide last year's tax return for
corporation/partnership including form K-1, a year-to-date Profit
and Loss (P&L) Statement (less than sixty days old), and a
current signed Balance Sheet.
Depending
on your individual situation:
You may also have to supply
some additional information. Read over this list below and see
if any of it applies to you.
- If your
down payment includes a cash gift from a friend or relative, you
need a copy of the check or wire transfer showing the donor's name
and account number, plus a copy of the deposit into your bank
account. (This applies only to home purchase
loans.)
- If you
receive a Social Security pension or annuity, provide a copy of
the awards letter and a copy of a recent benefit
check.
- If you
own other real estate, provide a lease/rental agreement if
applicable, and copies of property tax and insurance
bills.
- If you
receive alimony or child support, provide a copy of the divorce
decree and evidence of receipt of income for 12 months (i.e.
canceled checks, deposit slips or bank
statements).
- If you
pay alimony or child support, provide a copy of your divorce
decree.
- If
you've had a bankruptcy within the last seven years, provide a
copy of your bankruptcy discharge, a copy of the petition
(including schedules A & B) and an explanation of the
circumstances.
- If you
currently pay rent, provide copies of rental payments for the last
twelve months (may include canceled checks, bank statements, money
orders, etc.) and the name and address of your landlord for the
same time period.
That's it.
By providing the above information when applicable, you'll help
speed up the loan process.
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