Financing Tips

Time-Saver Documentation

  • Signed sales agreement and copy of deed for the property purchased or refinanced.
  • W-2's for the past 2 years and paystubs for the most recent month.
  • Names addresses and telephone numbers of employers for the last two years.
  • Self-employed individuals must provide full tax returns for the past 2 years plus a year-to-date profit and loss statement.
  • Award letter and/or copy of last check if you receive social security, retirement pay, welfare or disability income, etc.
  • Last 3 months bank statements for all savings, checking, credit union, certificates of deposits, savings bonds, and/or stock certificates you have.
  • Names, addresses, and account number, balance and payment amount of all loans, (real estate, auto, personal, student, etc.). Most recent statement on all credit cards.
  • Cancelled checks for the last 12 months mortgage/rent payments, (both sides) or 12 months of bank statements reflecting that your payments cleared.
  • Addresses and all places of residence for the last two years.
  • Applicants who are being relocated by their employer and will receive relocation benefits, should bring a copy of their relocation package along with appropriate letter/contract for their employer.
  • Any applicant that has been previously married must provide a copy of the divorce decree, separation agreement, property settlement agreement and support order.
  • FHA - Photo ID and Social Security Card.
  • VA - DD214 and VA Certificate of Eligibility.
  • Appropriate application fee. (Call the Loan Officer for current amount.)

Allowable Income for Qualifying

  • Military Income (Reserves)
  • Part-Time Income - Including Seasonal Part-time (2 Year History)
  • Retirement and Social Security Income
  • Alimony, Child Support or Maintenance Programs. Must continue for three years for conventional loans!
  • Notes Receivable (Must continue for three years)
  • Interest and dividends from investments
  • VA Benefits
  • Workman's compensation, disability income, payments for forster children
  • Rental income
  • Trust Income (Must be Guaranteed)

Unallowable Income. Don't Get Caught!

  • Workman's Compensation as it usually does not continue for three years
  • Less than 6 month job history
  • "Under-the-Table" Income
  • Salaried to Commissioned within the last two years
  • Heavy Job Switching - Differnet Fields