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CHECK YOUR BUYING POWER

Items Which May Be Required

ALL BORROWERS:


Copies of W-2s for the last two (2) years


Copies of paycheck stubs for the last 30 days (most current)


Copies of checking and savings account statements for last two (2) months (all pages, even if blank)


Copies of quarterly or semi-annual statements for checking, savings, IRAs, CDs, money market fund, stock, 401K, profit sharing, etc.


Copy of sales contract when ratified


Employment history for the last two (2) years (address any gaps of employment)


Residency history over the last two (2) years (name, phone number, address and account number of land or mortgage company). For rental property - need copies of leases plus mortgage information.


Canceled earnest money check when it clears or corresponding bank statement, if applicable


Commission or bonus income - if 25% or more of base, must have tax returns


For a refinance - need Copy of Note, Deed of Trust, Settlement Statement, Survey, and Insurance information


Any assets used for down payment, closing costs, and cash reserves must be documented by a paper trail


If paid off mortgage in the last two (2) years - need copies of HUD-1


Copy of driver's license for applicant and co-applicant


Copies of most recent two (2) years tax returns (with all schedules including K-1s if applicable)


 

 

SELF-EMPLOYED BORROWERS:


Copies of most recent two (2) years tax returns (with all schedules including K-1s if applicable)


Copy of current profit & loss statement and balance sheet


Copy of corporate/partnership tax returns for most recent two (2) year period. If owning 25% or more of company - need copies of W-2s and/or 1099 forms.


 

 

DOCUMENTS WHICH MAY BE REQUIRED:


Previous bankruptcy - need copies of petition for bankruptcy and discharge, including supporting schedules


Divorce Decree, if applicable


Documentation supporting moneys received from social security/retirement trust income (i.e. copies of direct deposit bank statements, awards letter)


Refinance Checklist

Copy of Warranty Deed


Copy of Owners Title Insurance Policy


Copy of Homeowner's and Flood Insurance Policy


Copy of Property Survey


Copy of Mortgage Payment Coupon (also 2nd mortgage coupon if this applies)


Association or Condo payment coupon