Once you are under contract for a property, then the fun begins with your loan professional, who will be requesting quite a bit of paperwork from you. It will make it much easier for all concerned if you are prepared ahead of time, instead of scrambling to figure out exactly where you put last year’s tax return. The following provides you with a loan application checklist which will make the process much smoother.
A. PROPERTY INFORMATION
1. Copy of ratified Contract and all addenda.
2. Copy of listing, showing the full address matching the contract and to allow the lender to double check the annual taxes and HOA/Condo Fees.
3. Copy of earnest money deposit check along with the statement for the account on which the funds were drawn.
B. PERSONAL INFORMATION
1. Address for any/all employers the last 2 years for both Borrower and Co-Borrower.
2. Address of residence for the last 2 years for both Borrower and Co-Borrower (include landlord name and address/phone number if applicable).
C. EMPLOYMENT INFORMATION
1. Address of present employer and contact person who would be responsible for completing employment verification.
a. Written explanation for any job gap during the last 2 years.
b. Relocation letter for employer for transferee – giving date, salary, and relocation benefits.
2. If not working for a full 2 years with current employer, you will need to provide address, contact person, phone number, working dates, and income range for previous employer.
3. Present Salary: Year-to-date pay stub (covering the most recent 30 day period) and last 2 years W-2’s and/or 1099’s.
4. If any variable income: commission, bonus, overtime, or dividend, provide last 2 years tax returns.
5. If Self-Employed: last 2 years corporate tax returns and a year-to-date profit and loss statement.
6. Diploma or transcript if student during the last two years.
D. ADDITIONAL INCOME
1. Rental Income: provide copy of current year lease and two years tax returns.
2. Alimony/Child Support (only if used for qualification): Copy of Divorce Decree or Separation Agreement; evidence of 12 months receipt of payments and continuation for 3 years.
1. Bank Accounts: Copy of last 2 months statements.
2. Stocks or Bonds: Copy of certificates and two month/Quarterly statements.
1. Alimony/Child Support: Copy of ratified Divorce Decree and Separation Agreement.
Sometimes it can be a minor hassle getting all of this together, but lenders want to make sure the hundreds of thousands of dollars they are lending on your behalf is going to be repaid.
If you’re looking for a knowledgeable loan professional who CAN get your loan closed, don’t hesitate to contact Sam Atapour at Wells Fargo. He’s simply awesome.
500 Montgomery Street
Alexandria VA 22314
Apply Online: www.samatapour.com