Buyer Tools

We're finally ready to buy a house. Since we've never been through the process, we're trying to be as prepared as possible. What types of documents should we expect to have to provide?

DOCUMENTS NEEDED FOR LOAN APPLICATION

All Borrowers
1. Copies of W-2’s for last two years.
2. Copies of paycheck stubs for most recent 30 days.
3. Copies of checking and savings account statements for last three months (all pages).
4. Copies of quarterly or semi-annual statements for checking, savings, IRA’s,CD’s, money market funds, stocks, 401K, profit sharing, etc.
5. Copy of sales contract when ratified.
6. Employment history last two years (address and gaps in employment).
7. Residency history last two years, including name, address, phone number and account number of current mortgage company and/or landlord.
8. Canceled earnest money check when it clears or corresponding bank statement, if applicable.
9. Commissioned or bonused income – if 25% or more of base, must have last two years tax returns.
10. Check for expense of appraisal and credit report.
11. Refinance – copy of Note, Deed of Trust, Settlement Statement, Survey, Homeowners Insurance Declarations Page.
12. Any assets used for down payment, closing costs, and cash reserves must be documented bya paper trail.
13. If paid off mortgage in the last two years, need copies of HUD-1.

Self-employedBorrowers
1. Copies of most recent 2 years tax returns (with all schedules, including k-1’s if applicable).
2. Copy of current profit and loss statement and balance sheet.
3. Copy of corporate/partnership tax returns for most recent two year period if owning 25% or more of company – copies of W-2’s and/or 1099 forms.

Documents WhichMay Be Required
1. Relocation Agreement if move is financed by employer, i.e. buyout agreement plus documentation outlining company paid closing costs benefits.
2. Previous bankruptcy, need copies of petition for bankruptcy and discharge, including supporting schedule.
3. Divorce decree if applicable.
4. Documentation supporting moneys received from social security/retirement trust income, i.e. copies of direct deposit bank statements, awards letter, evidence income will continue.

Documents needed for FHA/VA Loans

1. FHA: Copy of social security card and drivers license for each applicant and coapplicant.
2. VA: Original Certificate of Eligibility and copy of DD-214 Discharge Paper.
3. VA: Name and address of nearest living relative.
 

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