If any of the items below pertain to your situation, please read the notes below it. 

 

Items needed for all transactions

• W-2's and Tax returns for the past two years
  • Ask your CPA to send you an electronic copy
• Pay Stubs for the last 30 days.
• 2 Months of checking and savings account statements. 
• Assets for all accounts included on your loan application including, but not limited to, Checking, Savings, Money Market, Retirement (401k/IRA), and Certificate of Deposit.  If you receive statements monthly, please provide the last 2 statements.  If statements are received quarterly, the most recent statement will do.  Please include all pages. 
• If you rent, please provide the name and number of your landlord.  If you pay rent to an individual and not a management company, be prepared to provide the last 12 cancelled checks.  Your landlord will not be told you are buying a home, merely asked if you pay your rent-on time.
• Copies of driver’s licenses.
• Copy driver's license

 

Purchase Transaction

• Copy of fully executed purchase agreement
• The name, phone number(s), & email address(s) of both the listing & selling agent(s)
• Provide a copy of the earnest money check when it has cleared your bank.  In addition, please provide a bank statement showing the earnest money check has cleared. 

 

Purchasing a property that has a ‘Homeowner’s Association’

• Please provide the name, phone number, & email address of the person or company in charge of the homeowner’s association.
• Please provide the name, phone number, & email address of the insurance company that provides the homeowner’s insurance coverage for the association.
• When you buy a property that has an association, you need to obtain an HO6 policy ("walls-in" coverage policy).  You can simply call the insurance agent you use for your auto or home insurance & they can give you a quote.  Please provide the name, phone number, & email address of the insurance company that will provide your HO6 policy.

 

Refinancing a property that has a ‘Homeowner’s Association’

• Please provide a coupon or statement that shows the monthly dues. 
• Please provide the name, phone number, & email address of the company that provides the homeowner’s insurance coverage for the association.
• Please provide the name, phone number, & email address of the insurance company that provides your HO6 ("walls-in" coverage) policy.

 

Verification of Employment

• Ask your HR Department what the procedure is for a lender to obtain a verification of employment & income.
• Please include the name, phone number, & email address of the contact person.

 

If you receive income from Social Security or Pension(s)

• For Social Security, please provide ‘Award Letter’ you received from the Social Security Administration.
• For pensions, please provide award letter or explanation of your pension. 
• 3 months of complete bank statements for the account(s) that your Social Security and/or Pension is deposited into

 

If you are self-employed, receive commission income, or own investment properties

• Previous two years signed tax returns with all schedules attached
• Previous two years corporate/partnership tax returns
• Current leases on investment properties with rental income
• Please have your CPA write a letter on company letterhead stating the time you have been self-employed.  Please ask your CPA to sign the letter

 

If applying for a VA loan

• VA Certificate of Eligibility
• Form DD-214
• For in-service veterans, Statement of Service and recent Leave and Earnings Statement

 

If you have been divorced

• Complete signed copy of all divorce decrees
• Proof of receipt of child support payments for the last 12 months

If you have declared bankruptcy in the last 7 years

• Copy of Petition/Decree, Schedule of Creditors, and copy of Discharge

 

If you are relocating with company benefits

• Copy of company's relocation policy
• Letter from employer stating effective date of transfer and new income
• Copy of entire relocation buyout offer (if applicable)

It is a good idea to keep in mind that any new credit purchases, including co-signing for a family member, may impact your ability to qualify for your new home purchase.  If you transfer any sums of money, please document where those deposits are coming from.  If they are a gift or a loan, we will need documentation to show the source of the funds.  Always make a copy of the check, a deposit receipt and inform the donor they will have to provide documentation.  The donor will have to provide 2 months statements containing all pages, unaltered to show they had the money to give you and the terms of repayment or gifting.  We will have to explain any new large deposits and the source.  The details may affect your transaction.  Do not hesitate to call me before you act to make sure it will not affect your buying power.

Again, if you have any questions about the listed or need assistance, please feel free to call me 

 

Thank you,

Michael Timothy Noone
Loan Officer
NMLS # 372494