Documents Need To Get a Loan

Documents Needed To Get A Loan

When you are planning for a mortgage application, one of the most important steps you can take before you apply is to gather the
documentation you may need to supply with your application. Which documentation from you the loan will close fast and you will have
what you deserve.

Documentation Process After you submit your application, we'll call you to talk about the type of loan you have chosen. Then you will be
sent a Disclosure package that includes several items that you will need to sign, and a list of documents that you will need to send in.
Here is a list of some of the documents you may need:

Salaried Income: Most recent pay stub showing year-to-date income; if there have been multiple employers in the current year, all
paystubs showing year-to-date income
Last year's W-2

Salary Plus Bonus/Overtime

Most recent pay stub showing year-to-date income

Last year's W-2

Straight Commission Income

Most recent pay stub showing year-to-date income

Last two years' 1040 tax returns

Self Employed Persons (1099 recipient)

Last two years' personal tax return and partnership or corporate tax return

Current year-to-date P&L if tax returns are older than 12 months

Signed IRS Tax Form 4506

Partnership Income

Last two years' personal tax returns

Last two years' K-1s, 1065s, P&Ls, and YTD Balance Sheets

Corporation Income (if ownership is 25% or more)

Last two years' personal and business tax returns (1120)

Current year-to-date P&L if tax returns are older than 12 months

Trust Income

Trust Agreement or trustee's letter stating payment amount, frequency and duration (must continue for at least three years

Last two years' tax returns

Rental/Lease Income

Copy of Rental/Lease Agreements

Last year's tax return

Social Security/Pension/Retirement/Disability (three years remaining required)

Award Letter

Most recent two months' bank statements (if direct deposit) or copies of checks

Interest/Dividends

Last two years' tax returns

Copies of current statements

Alimony/Child Support

Complete Divorce Decree

Proof of six months' receipt (must be received continuously for three years to qualify as income)

Purchase Transactions

Copy of signed Purchase Contract (include all counter offers)

Gift Letter, if gift funds are being used: Letter includes date of gift, the amount and donor's name, address, telephone number
and relationship, statement that repayment is not expected

Document(s) verifying transfer of funds and copy of a withdrawal receipt from the donor's account or a copy of the gift check

Certified copy of HUD-1 settlement statement from sale of present property, if applicable

Evidence of homeowner's insurance (required prior to closing)

Evidence of flood insurance

Credit History/Liabilities

Bankruptcy petition and discharge papers, if applicable

Written explanations of any serious derogatory credit if applicable:

Bankruptcy

Collections, judgements, liens

Late payments - mortgage or revolving credit

Defaults, foreclosures, short sales

Final divorce decree, if applicable

Assets

Most recent two months' bank statements

Most recent brokerage account statement

Most recent IRA/401K statement

Gift Letter, if gift funds are being used: Letter includes date of gift, the amount and donor's name, address, telephone number
and relationship, statement that repayment is not expected Document(s) verifying transfer of funds and copy of a withdrawal
receipt from the donor's account or a copy of the gift check Certified copy of HUD-1 settlement statement from sale of present
property, if applicable