| There are many different loan programs, which have varying levels of documentation. The level of documentation your loan requires will depend upon your specific circumstances.
The following list are basic documents needed for a "full documentation" loan.
1. Your names and addresses for the past two years. If you have changed your name, or address within the past two years, this information must be provided on the application.
2. Employer's names and addresses for the past two years. This information will be used by the Lender to verify your employment history.
3. Last 3 months checking and savings account statements. If you have made any large deposits or withdrawals during this time period, additional documentation explaining these may be required. Also, if you have broker accounts which are an asset, the last 3 months statements to verify the asset will be required, especially if you are intending to use any of this money on the transaction.
4. Last two years W-2 statements, 1099 statements, and copies of Tax Returns. If you are self employed or seeking a first time homebuyer loan (SONYMA - NY ONLY), you will need three years tax returns.
5. Last 30 days pay stubs if you are not self employed. If you are self-employed you should have a year to date profit and loss statement.
6. Pension or Social Security Income Borrowers using pension or social security income to qualify for a loan should be prepared to produce the awards letter, as well as a copy of the monthly check or bank statement showing the deposit. If the income is from a pension, a copy of the pension plan may be required.
7. Child Support or Alimony Income If you need income from either child support or alimony to qualify for a loan, you must be able to show a 12 month history of payment receipt in order to use this income.
8. Real Estate Information. If you currently have a mortgage, you will need to provide statements showing the loan number, current balance, escrow estimates and contact information (for payoffs). If you rent, you should be prepared to prove 12 months payment history in the form of cancelled checks, money order stubs or similar documentary evidence. Cash payment receipts are sometimes not accepted as verifiable proof of income, unless the landlord can demonstrate depositing the cash.
9. Divorce or Bankruptcy Papers. If you are divorced, you should provide a complete copy of your divorce decree and written settlement statement (if applicable). If you have filed previously for bankruptcy, you should provide the bankrputcy petition with list of creditors included and the discharge in bankruptcy.
10. For VA loans you will need your Certificate of Eligibility and DD214.
11. Patriot Act Information At the time of closing, you will need to produce a photographic ID (Drivers License, Passport, etc) and your Social Security Card. If you have misplaced your social security card, you should contact your nearest Social Security Office to obtain a replacement.
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