Each borrower may be asked to supply income documentation for all sources of income considered for repayment of the loan. Below are items you may be asked for if they are applicable.
Most recent 2 years filed Federal Income Tax Returns (1040's) for each borrower.
Most recent 2 years W-2's for each borrower.
2 most recent paystubs for each borrower.
Each year Social Security provides you with an income letter. We will need the latest 2 years letters.
When you retired, your pension or employer provided you with a letter confirming the monthly or yearly amount of income.
If you are purchasing a new home, you must provide verifiable evidence of the source of funds you will be using for your down payment and closing costs. Most often, these funds must be 'seasoned,' meaning they have been in the verified account for 3 or more months.
The last 2 months, bank, or brokerage statements, for each account from which funds for your transaction will be used. If you are using funds from a retirement account you must also provide a letter from the source describing their "Terms of Withdrawal."
If some or all of the money being used for the transaction is coming from a family member as a gift we will provide you with a gift letter.
For a home purchase you only need to provide the items below that are applicable to you.
Copy of current valid driver license or other acceptable ID for each borrower.
The complete executed purchase agreement.
The latest mortgage statement from your current lender, and any other mortgage each borrower has on other properties.
We need a copy of your home owners insurance declarations page, and contact information for your insurance agent (if applicable).
Your latest property tax bill (if applicable).
If you own rental properties we will need a rent roll and lease agreements.
Sometimes we will require signed letters of explanation for various reasons.
The borrower authorization is a document we provide that you must sign authorizing us to pull your credit and contact your employers, banks and other financial institutions to verify information provided. The credit card authorization is only used to order your appraisal once your loan has been approved.
More information and documentation may be required to complete your loan approval.