Over the last few years we have always needed the same information for a loan application. Lately it seems like I need a little bit more than I used to!
The standard items are:
– showing at least 30 days of earnings on it and within 30 days of your loan application
– all pages of the bank statement, if there is information on the back we need that too! Make sure you copy all of your bank statements, don't forget 401K statements and other assets you have. We will need to verify your earnest money cleared your bank account, so we will need to get a printout or updated bank statement showing the check cleared.
– we need 2 years of w-2's and lately I have been asking for your tax returns also. We have always needed the tax returns if you are self employed, but because we are now starting to pull a 4506T on all files, it helps to have the tax return. A 4506T allows lenders to verify the information that you filed with the IRS and underwriters compare the 4506T with the tax returns to make sure everything is the same. If one spouse is self employed and shows a loss, the underwriter will take that loss into consideration when qualifying even if that person is not on the mortgage.
– If there are any decrees showing child support, alimony or any property transfers, we need the complete divorce decree. If you filed bankruptcy, we will need complete bankruptcy documents.
– we need some sort of picture ID – drivers license, state ID or a passport to verify your identity.
are copies of your mortgage statements, especially if you own more than one property, the underwriter looks at that to make sure your taxes and insurance are escrowed. Sometimes we need copies of student loan documents to show what the payments will be if they are not listed on the credit report. VA loans require the VA certificate of eligibility. If there are inquiries on your credit report, underwriters will want to know what they are from – they want to make sure you have not opened a new account that could affect your qualifications. Sometimes you need to write a letter of explanation regarding child care (especially on VA loans), late payments, reason for bankruptcy, etc.
Sometimes there will be additional documentation needed during the loan processing. If there is something else, you will get a call from your loan officer or the loan processor asking for it. If there is something else, the sooner you get it to the loan officer or processor, the sooner you can get your loan approval!
Leslie Vanderwerf, Advisors Mortgage - Email – Website
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