Your Property
- Sales Contract: A signed copy of the sales contract, including all attached riders.
- Deposit Confirmation: Proof of the deposit made for the home.
- Contact Information: Names, addresses, and phone numbers of all parties involved, such as realtors, builders, insurance agents, and attorneys.
- Listing and Legal Description: If available, include a copy of the Listing Sheet and the legal description of the property. For condominiums, also provide the condominium declaration, by-laws, and the most recent budget.
Your Income
- Pay Stubs: Copies of your pay stubs covering the most recent 30-day period and year-to-date earnings.
- W-2 Forms: Copies of your W-2 forms for the last two years.
- Employment History: A list of names and addresses of all employers from the past two years.
- Employment Gaps: A letter explaining any employment gaps within the last two years.
- Work Visa or Green Card: A copy of your work visa or green card, front and back.
For those who are self-employed or receive commission, bonus, interest/dividends, or rental income:
- Tax Returns: Complete tax returns for the last two years, including all schedules and statements. If you filed an extension, include a copy of the extension.
- K-1 Forms: For partnerships and S-Corporations, provide K-1 forms from the last two years.
- Business Tax Returns: If your ownership stake is 25% or greater, provide completed and signed Federal Partnership (1065) and/or Corporate Income Tax Returns (1120) for the last two years, including all schedules, statements, and addenda.
For those using alimony or child support to qualify:
- Divorce Decree or Court Order: The document stating the amount of alimony or child support, along with proof of receipt for the past year.
For those receiving Social Security income, Disability, or VA benefits:
- Award Letter: The award letter from the respective agency or organization.
Source of Funds and Down Payment
- Sale of Current Home: If your current home is sold, provide a copy of the signed sales contract. If it is unsold, include a statement or listing agreement. At closing, submit the settlement/closing statement.
- Bank Statements: Copies of bank statements for the last three months for savings, checking, or money market funds.
- Investments: Copies of broker statements or certificates for stocks and bonds.
- Gift Funds: If using gift funds for the down payment, include a Gift Affidavit and proof of funds receipt.
Debt or Obligations
- Current Debts: A list of names, addresses, account numbers, balances, and monthly payments for all current debts, along with copies of the most recent three monthly statements.
- Mortgage Holders and Landlords: Information on names, addresses, account numbers, balances, and monthly payments for mortgage holders and/or landlords over the last two years.
- Alimony or Child Support Payments: The marital settlement or court order specifying the terms of the obligation.
- Application Fee: Ensure you have a check available to cover any application fees.
Additional Documentation
Depending on the information provided in your application or credit report, your lender may request further documentation. Cooperate promptly to keep the application process moving smoothly.
