You may be asked to provide some of the following items during the loan application process. The loan officer may require additional info, but the items listed will give you an idea of what may be needed for the application process.
Getting Ready for Your Loan Application
1. INCOME VERIFICATION
- Pay stubs for the last 30 days.
- W-2 forms for the last 2 years.
- Information on any other income you wish to have considered-i.e. part time income, rental income or child support.
- Awards letter for social security and 1099 for disability income.
2. SOURCES OF FUNDS/DOWNPAYMENT
- Previous 3 months bank statements including checking, savings accounts and investment accounts.
- HUD settlement statement if using funds from the sale of property.
- Sale of asset-proof of ownership, proof of sale, and proof of funds transfer.
- For gifted funds-a letter, evidence of transfer, and sometimes evidence of withdrawal.
- Stocks and securities account statements for the last 3 months.
3. SELF EMPLOYEED OR COMMISSIONED BUYERS
- Signed, completed tax returns for the past two years, including personal, partnership and corporate, if applicable, and all schedules.
- Year-to-date business profit and loss statement for current year, if more than 3 months have passed since the end of the tax year.
- Current balance sheet.
4. PAYMENT HISTORY
- Cancelled rent or mortgage payment checks for the past 12 months, if not available on credit report.
- Child Support/Alimony
- Bankruptcy/Consumer Credit, if received.
5. ADDITIONAL INFORMATION, IF APPLICABLE
- Purchase agreement, including legal property descriptions and any addenda.
- Divorce Decree.
- Explanation of discrepancies on credit.
For most people buying a home is the biggest investment of their lives. Being prepared in advance makes the process easier.
Please call Lisa Cannon at (210) 884-9515 or click here to get started!