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. With the help of technology we are now able to gather the below items PAPERLESS. These are some of the items the lender will require:
- Social Security numbers for both you and any co-borrowers
- Copies of checking and savings accounts statements for the past two months, all pages even if blank.
- Evidence of any other assets such as bonds, stocks, or money saved in retirement programs (i.e. 401k or 403b program), all pages even if blank.
- Recent paycheck stubs for last 30 days
- W-2 withholding forms and income tax returns for the past two years to verify your income and proof of employment if you are self employed, over 25% of your income is bonus or you have rental income you wish to claim.
- Residence history for the past two years. If you have rented, name & number of Property Manager or 12 months cancelled checks
- Sales contract and all addendums and disclosures for the purchase of a new home.
- Homeowner's association information with contact information.
- Name and # of Homeowner's Insurance information, either current or proposed
- Copy of Driver's License and Passport for all parties on loan application. Social Security Card may be supplemented for Passport