Here is a standard list of documents we’ll need upon submission of your loan application to start the loan process. The list varies by customer because not every item applies to every borrower.

  Loan Disclosures for Electronic Signing

The disclosures will be generated by the bank and emailed out within 2 or 3 days of the loan application submission. You will need to setup an account and then login where you can sign electronically. A few forms require physical signing and will be sent to you separately to sign and return via fax, scan or mail. And of course if you prefer to sign hard copies we are happy to send the entire package out as well.

  30 Days of Paystubs for Each Job

  60 Days of All Bank Statements

Please see article on documenting assets as this tends to be the most confusing part of the process. We always need full statements and all pages of an electronic version statement or paper statement. A simple screen print will not be sufficient. Any deposits or transfers showing up might require explanation or further documentation.

  2 Years of W2s for Each Job

  2 Years of Tax Returns

we’ll need all pages of the federal portion of each year (we don’t need the state part but can be sent if it’s easier to include)

  Citizenship

Green card (front and back), Acceptable visas.

  Home Insurance Quote

Unless you are buying a condo and separate insurance isn’t needed we’ll need a quote for the insurance cost of your new purchase. We like to receive this as early in the process as possible so we can update your loan application and provide accurate figures. This also ensures no delays with your closing.

  Copy of Deposit Checks

Referred to as EMD checks or earnest money deposit – these are the checks you provide with your offer to make it a binding agreement and then again when you sign purchase and sale. We need copies of both checks and we’ll also need your bank statements showing these checks have cleared your bank account.

  Gift Form

If receiving a gift we’ll send you a form to have filled out by the donor which states the origin of the gift, who it’s from, the relationship and must be signed. We’ll also need a copy of the check provided and proof of deposit. In some cases we’ll need to see bank statements from the donor’s bank account showing the money exiting the account. More on this in my article “gifts”.

  Letter of Explanation

Or, ‘LOX’ – the underwriter will ask for a letter explaining anything that might cause confusion now or to an auditor or future investor of the loan. The underwriter has the responsibility to make sure somebody reviewing the file down the road will have answers to anything that might raise a question. This can usually be a simple letter titled, “To Whom it May Concern” followed by a brief sentence or two explaining the reason for certain things

Retired Borrowers:

  Social Security Award Letter

Document from social security that explains what your monthly payment will be.

  1099s

Some retirement incomes provide 1099s to borrowers.

  Pension Statement

Pension documentation showing how much you receive monthly or annually

  Annuity Statement

Annuity documentation showing how much you receive monthly or annually

Self-employed Borrowers:

  2 Years of Business Returns

Self-employed borrower depending on the formation of business we could need business returns (especially if you have 25% ownership of a business or greater).

  YTD Profit and Loss and Balance Sheet for Business

Underwriter will want to see what the projected income for the future earnings of the business are when tax returns are not yet available to make sure they are in line with prior years. Preferred to be completed by a CPA but sometimes can be prepared by an owner of the business as well.