Loan Approval Process

 

In today’s mortgage market, we verify income, assets and credit history as part of the loan approval process. Below are the typical documents we collect:

 

Income for a W2 Wage Earner:

 

• Pay Stubs which cover the most recent 30 days of pay

• W-2’s for the previous 2 years

• Employment Contract (if new job)

 

Income for a Self Employed individual:

 

• 2 years signed and dated personal tax returns (complete)

• 2 years 1065 or 1120 returns (if applicable)

• Current Profit and loss statement

• Business License

 

Do you own investment Properties?  If so, please also have ready:

 

• 2 years signed and dated personal tax returns

• Rental Agreements

• Mortgage Payment information or proof of clear title

• Insurance Declaration Pages outlining annual premium

 

Assets:

 

 

• Most Recent Bank Statements for the previous 2 months

• Most Recent Mutual Fund, Stock or other investment statements

• Most Recent Retirement fund statements

  • for all Asset accounts we must have all the pages from your statements, even if the final pages are “intentionally left blank” or are check reconciliation worksheets

 

Miscellaneous:

 

• Complete Divorce Decree/Bankruptcy Papers (if Applicable)

• Home Insurance Company contact details

• Identification: state issued ID, Passports or other official identification

• A complete list of where you have lived for the past 2 years and landlord contact details if during the past 2 years you were a renter