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Loan Documents Required for Financing
Friday, November 6, 2009
Loan Documents Required for Financing
• Personal Information
• Lender application form — will include name(s) of applicant(s), current address, phone, type and amount of loan required, as well as other personal and financial data
• Driver's license and social security card photocopies
• Divorce settlement papers, if applicable, no matter how far back in time
• If not a U.S. Citizen — permanent resident alien — copy of green card (alien registration card) or non-permanent resident alien — copy of Visa
• Your personal resume
• Income Documentation
• W2 forms for the last two years
• Last two pay stubs, covering at least one month
• Signed tax returns for the last two years — be sure to include form 1040 (long or short form) along with all schedules
• Business tax returns for the last two years if you own 25 percent or more of a business
• Current business income statement
• If self-employed, many lenders want verification that you have been in the same line of work for at least two years
• Rental/lease income (proof required will vary by lender)
• Proof of social security income, pension, disability income, 1099 income, or any other income you want to use to qualify for the loan
• Employment Verification
• The lender will request verification from your employer that you are indeed an employee
• The lender may also request a statement from your employer indicating that you will most likely continue to be an employee for the foreseeable future
• Asset Information
• Bank statements for the past two months
• Last quarter investment or trust accounts (if applicable)
• Copies of stocks, bonds, or U.S. savings bonds
• Current statement for 401(k) and/or IRA accounts
• List of all real estate you currently own, including address, current value, loan balances, monthly payments, and rental income (if any)
• Value of autos, boats, and any other personal property
• Listing agreement and sales contract if you are selling your current home
• List of any life insurance cash value
• Liability Information
• Complete list of current debts and minimum monthly payments (may be taken from credit report)
• List of any loans on which you are a cosigner
• If debts are owed to individuals, lender may require a statement from payee as to the current balance, payments, and if payments are being made on time
• If the loan requested is for a refinance, a copy of the current mortgage and payoff amount
• Proof of Housing Payments
• Last 12 months of cancelled checks paid for rent (if applicable) or payments on a land contract
• If you rent your home and it is managed by a professional management firm, they can verify that you are current on your rent and that rent has been paid on time
• Property Information (for investment property purchase or refinance)
• Property address, legal description, and location on map
• Purchase agreement (if applicable)
• Copy of earnest money check (if applicable)
• General description of the property with pictures of property and neighborhood
• The year the home was built
• Type of construction
• Renovation proposed (if any)
• Details of renovation plan and schedule, including the budget, the contractors to be used, and the added value to the property when the project is complete
• Copies of any appraisals available
• Miscellaneous Information (may be required)
• Gift letter (if applicable) signed by the donor and proof of receipt and ability to gift the funds
• Landlord's contact information (if applicable)
• Realtor's contact information (if applicable)
• Insurance agent's contact information
• Contact name and phone number for the lender's appraiser to access the property
• College diploma if you graduated within the last two years
• Cosigner's complete information (if applicable)
• All pages and schedules for any bankruptcy filing within the last seven years and the discharge sheet for any type of bankruptcy (Chapters 7, 11, or 13)
Back
• Personal Information
• Lender application form — will include name(s) of applicant(s), current address, phone, type and amount of loan required, as well as other personal and financial data
• Driver's license and social security card photocopies
• Divorce settlement papers, if applicable, no matter how far back in time
• If not a U.S. Citizen — permanent resident alien — copy of green card (alien registration card) or non-permanent resident alien — copy of Visa
• Your personal resume
• Income Documentation
• W2 forms for the last two years
• Last two pay stubs, covering at least one month
• Signed tax returns for the last two years — be sure to include form 1040 (long or short form) along with all schedules
• Business tax returns for the last two years if you own 25 percent or more of a business
• Current business income statement
• If self-employed, many lenders want verification that you have been in the same line of work for at least two years
• Rental/lease income (proof required will vary by lender)
• Proof of social security income, pension, disability income, 1099 income, or any other income you want to use to qualify for the loan
• Employment Verification
• The lender will request verification from your employer that you are indeed an employee
• The lender may also request a statement from your employer indicating that you will most likely continue to be an employee for the foreseeable future
• Asset Information
• Bank statements for the past two months
• Last quarter investment or trust accounts (if applicable)
• Copies of stocks, bonds, or U.S. savings bonds
• Current statement for 401(k) and/or IRA accounts
• List of all real estate you currently own, including address, current value, loan balances, monthly payments, and rental income (if any)
• Value of autos, boats, and any other personal property
• Listing agreement and sales contract if you are selling your current home
• List of any life insurance cash value
• Liability Information
• Complete list of current debts and minimum monthly payments (may be taken from credit report)
• List of any loans on which you are a cosigner
• If debts are owed to individuals, lender may require a statement from payee as to the current balance, payments, and if payments are being made on time
• If the loan requested is for a refinance, a copy of the current mortgage and payoff amount
• Proof of Housing Payments
• Last 12 months of cancelled checks paid for rent (if applicable) or payments on a land contract
• If you rent your home and it is managed by a professional management firm, they can verify that you are current on your rent and that rent has been paid on time
• Property Information (for investment property purchase or refinance)
• Property address, legal description, and location on map
• Purchase agreement (if applicable)
• Copy of earnest money check (if applicable)
• General description of the property with pictures of property and neighborhood
• The year the home was built
• Type of construction
• Renovation proposed (if any)
• Details of renovation plan and schedule, including the budget, the contractors to be used, and the added value to the property when the project is complete
• Copies of any appraisals available
• Miscellaneous Information (may be required)
• Gift letter (if applicable) signed by the donor and proof of receipt and ability to gift the funds
• Landlord's contact information (if applicable)
• Realtor's contact information (if applicable)
• Insurance agent's contact information
• Contact name and phone number for the lender's appraiser to access the property
• College diploma if you graduated within the last two years
• Cosigner's complete information (if applicable)
• All pages and schedules for any bankruptcy filing within the last seven years and the discharge sheet for any type of bankruptcy (Chapters 7, 11, or 13)