Items You Will Need for a Loan

Have These Items Ready When You Apply For a Loan

It used to be that lenders mailed out verifications to employers, banks, mortgage companies, and so on, in order to verify the data supplied by borrowers. Nowadays, the interest is often in speed and getting answers quickly so alternate documentation has become more widely used. Alternate documentation means that underwriting answers can be obtained with information supplied directly from the borrower instead of waiting around for verifications to come back in the mail.

The following is required for most standardized loans as part of alternate documentation processing. Items may differ according to whether your loan is a conforming (Fannie Mae or Freddie Mac), non-conforming (jumbo) loan, government loan, or a portfolio loan.

Verifications are still mailed out, but usually as part of quality control procedures.

These are the things you need to supply to your lender to get a quick approval using full documentation:

Identification items:

  • Legible copy of Driver's License
  • Legible copy of Social Security card

Income Items

  • W2 forms for the last two years
  • Pay stubs covering a 30 day period
  • Federal tax returns (1040s) for the last two years, and all schedules
  • Most recent 2 months' bank statements, all pages
  • Year-to-Date Profit and Loss Statement (for self employed)
  • Corporate or partnership tax returns (if applicable)
  • Pension Award letter (for retired individuals)
  • Social Security Award letters (for those on Social Security)

Asset Items
Bank statements for previous two months (sometimes three) on all accounts. All pages.
Statements for two months on all stocks, mutual funds, bonds, etc.
Copy of most recent 401K statement (or other retirement assets)
Explanations for any large deposits and source of those funds
Copy of HUD1 Settlement Statement on recent sales of homes
Copy of Estimated HUD1 Settlement Statement if a previous home is for sale, but not yet closed
Gift letter (if some of the funds come as a gift from a family member)
Gifts can also require:
Verification of donor’s ability to make the gift (bank statement)
Copy of the check used to make the gift
Copy of the deposit receipt showing the funds deposited into bank account or escrow
 

Credit Items
Landlord’s name, address, and phone number (for verification of rental)
Explanations for any of the following items that may appear on your credit report:
Late payments
Credit inquiries in the last 90 days
Charge-offs
Collections
Judgments
Liens
Copy of bankruptcy papers if you have filed bankruptcy within the last seven years
Other
Copy of purchase agreement (if you have already made an offer)
To document receipt of child support (if you desire to show it as income)
Copy of Divorce Settlement (to show the amount)
Copies of twelve months canceled checks to document actual receipt of fund
 

VA Loans
Copy of DD214

Refinances
Copy of Note on existing loan
Copy of HUD1 Settlement Statement on existing loan
Name, address, phone number, loan number of existing loan/lender

For more information, Contact Lisa.

Frank Delzompo Team
Broker-Owner 

Call or email now:
DIRECT: 951-326-7330
Email: Frank@Sand2Sea.us   

Zillow Ratings

"Sand to Sea Properties, Inc. provided stellar customer service from beginning to end. Throughout the entire process Frank and Lisa guided us and were always available to answer any question or concern, and were prepared for any curve ball throughout the home buying process. Their expertise in real  estate became such a comfort to know we were working with top notch individuals who were not just incredible at what they do, but also enjoyable to be around. We highly recommend Sand to Sea Properties for your home buying or rental needs."
~Rachel C.

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**Frank represents clients as a broker, and not as an attorney.  Do not rely on information on the internet solely; consult appropriate professionals for your particular financial and legal situation.  Information is pulled from many sources to serve you; it is deemed reliable and not guaranteed.