Documents required by most lenders to get loan approval
September 13, 2018
Documents required to submit your loan To Underwriting: Please have ready prior to accepted Contract.
1. Paystubs for most recent 30 days or last month or 28 day if paid weekly. Income from Social Security must include your December’s previous years Awards letter. The SSI office will provide for you if you don’t have. SSI income for children 15 years and older may not be used to qualify. Contracted employees require current contract.
2. Bank statement accounts for last 60 days of activity (2 Months), Statements require Bank’s name personal information, name, address, & all banking activity, including deposits, withdrawals, and balances. Provide all numbered, 1 of 10 requires all 10, Bank statements expire after 60 days. All deposits over $100 will likely be sourced, please provide the cleared source of these deposits.
3. Any liquid reserves that you have may be required to approve your loan, however it may not be required, but may only help your file you must have access to these funds. Types; Life Insurance, IRAs, CDs, 401Ks, Money Market, Mutual Funds, and stocks.
4. All deposits all sourced (where from and proof, such as check or transfers) 60 day balance require no verification. Cash deposits not allowed for purchase and/or (refinance if necessary) unless proof is acceptable. Letter Of Explanation may be required as well.
5. Tax returns for the last two years. All schedules and all pages are required and they will need to be SIGNED at bottom of the second page. 2017& 2016, W2’s and tax returns, and 2016 W2’s or 1099’s & Tax returns that were filed.
6. 1099’s& W2s for the same years, 2017 & 2016 as requested for your tax returns are also required. Whether these are previous employers, Social Security & Disability, Pensions all are required.
7. Bankruptcy package for all filed in the last 7 years. This includes complete file with a list of all debtors and your discharge letter verifying actual date of discharge. A letter of explanation for bankruptcy is required. I can assist you with this letter if you need some advice.
8. VA DD214 or a Statement of service letter will be required to obtain you COE (Certificate Of Eligibility).
9. A form of government issued ID is required also. A copy of Driver’s license is required and your Social Security card will also be required. If you do not have a social security card you will be required to go to Social Security to have one issued. The form which they print off for request of a new one will be acceptable. A green card for Non-Resident aliens is always required.
10. All Funds are sourced for your Loan including your earnest Funds for a purchase transaction. Please provide a copy of cleared check for your earnest check. This is to be provided after it clears bank.
11. Letters Of Explanation are very common on any loan type from collections to late payments credit inquiries, and previous addresses. I have a form that will work for most all letters that you can obtain directly from me.
12. Divorce decree with judge signature and stamp from county. Include all terms of divorce. And any child support documents including parenting plan.