To apply for a loan, you will have to provide the lender with detailed documentation of your financial history. The lender will request a credit report from a credit agency and will verify the information provided in your loan application. Be prepared to give your lender your social scurity number, date of birth, two year residence and work history and other information along with the following documentation:
- Most recent 30 days of pay check stubs for all borrowers.
- Most recent two years of W-2 forms and Federal income tax returns with all schedules.
- Self employed borrowers may need to provide business tax returns for the most recent two years along with a year to date P&L statement.
- Copies of checking and savings accounts statements for the past two months.
- Evidence of any other assets such as bonds, stocks, or money saved in retirement programs (i.e. 401k or 403b program).
- Sales contract for the purchase of a new home when applicable.
- Homeowner's association information with contact information if property is a condo or part of a homeowner's association.
- Name and phone number of the Agent or Company that will be handling your home owners insurance policy for the home being financed.
- Other special documentation that may be required when applicable:
- Bankruptcy documents including discharge paperwork.
- Divorce decrees.
- Proof of child support payment history.
- Letter of explanation for all inquiries shown on your credit report for the past 120 days.
- Letter of explanation for negative credit shown on your credit report for the past 12 to 24 months.
- NOTE: other documentation may be required depending on your particular circumstances.