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
