Loan Preparation Guide Be Prepared: Whether you are a first-time homebuyer who has been waiting for the perfect chance to make your move or someone who is getting ready to move to a larger or smaller home based on changing needs, it's a good idea to be prepared for the loan process beforehand. Here are some guidelines as to what information you will need to complete your loan application. EMPLOYMENT HISTORY · The names and addresses for all your employers for the last two years, · The dates you worked at each place of employment and a letter explaining any gaps in your employment in the last two years. INCOME/FINANCIAL INFORMATION · Your most recent pay check stubs covering the last 30 days (usually last 2) · Last two (2) years W-2 forms 2007 & 2008 · Last two (2) months bank statements (with ALL pages) for each account of… - Checking, savings, money market, asset accounts, stocks, & 401(k)/IRA, etc. · Documentation of any other form of income (i.e. rental property, child support, pension distributions, social security awards letter, etc.) SELF-EMPLOYED BORROWERS/COMMISSION INCOME · Last two (2) years PERSONAL tax returns w/ ALL schedules (2006 & 2007-2008 - If filed) · Last two (2) years CORPORATION tax returns w/ ALL schedules (2006 & 2007 - 2008 If filed) REAL ESTATE INFORMATION · Residence History - Your previous addresses for the last 2 years and how long you lived in each place. · If currently renting, landlords name, address, and contact phone number · All Real Estate Currently Owned
- The property address, the estimated market value, the outstanding loan balance and the amount of your monthly payment. IDENITTY · Current Valid Drivers License · If Not a U.S. Citizen – Current valid ID OTHER DOCUMENTS IF APPLICABLE · Recorded bankruptcy discharge papers (ALL pages) or Release of Judgment · Recorded divorce decree (ALL pages) – proof of child support, alimony · Copy of purchase contract for sale of current residence · Citizenship Documentation · Copy of school diploma, if graduated within the last two (2) years · Copy of relocation agreement from current employer, if relocating with company · Copy of employment contract if hired within the last two (2) months |