What documentation will be needed for your loan application?
Below you will find a list of some of the documentation that will be needed for your loan application. Special circumstances may require additional documentation, but this list is a good place to start.
For all loans:
¨ Check for credit report processing ($25 for one borrower/$35 for two borrowers)
¨ Photo ID for all borrowers
¨ Social Security Number, for borrower and co-borrower (if applicable)
¨ Employment history for the last two years, including employment dates, addresses, salary.
¨ Residence addresses for the past 2 years
¨ Completed online application by both the borrower and co-borrower
If you're buying a home:
¨ Purchase sales contract or offer to purchase and all addenda
¨ If a source of your down payment is a gift:
o Completed Gift Letter (ask us for a copy of the form)
o Gift funds will be verified in both the donor and recipient's accounts.
o Note: Not all loan programs allow gifts to be part of your down payment.
¨ If you've sold your home but not closed:
o A copy of the sales contract
¨ If you've sold your home, closed, and you will use the proceeds for your new down payment:
o A copy of the Settlement Statement
Asset Documentation:
¨ Check and Savings Accounts
o 60 days history (must have all pages for each statement)
¨ Investment Accounts and Retirement Accounts
o 60 days history (must have all pages for each statement)
Income Documentation:
¨ If you are a W-2 employee(i.e. you get a regular pay stub)
o Pay stubs for the last 30 days
o W-2s for the last two years
o Most recent tax return
¨ If you're self-employed (or own more than 25% of a business):
o Two years tax returns, both company and personal if separate.
o All K-1 forms (if applicable)
o Current balance sheet and profit and loss statement if more than two months into the new fiscal year, signed and dated by you
¨ If you receive retirement income
o Pension Award Letter
o Social Security
¨ If divorced or separated
o Complete executed divorce decree and/or settlement agreement
o If you are using support payments as qualifying income, be prepared to provide 6 months canceled checks or bank statements reflecting support deposits.
There may be additional documentation requirements if you have income from other sources
that will be used for qualifying (ex: commission, rental property, or interests/dividends).
If you own other real estate, please provide the following for each property:
¨ Mortgage statements
¨ Insurance policy showing the premium
¨ Tax bill
¨ Proof of HOA/Condo fee (if applicable)