DOCUMENTS YOU NEED FOR A HOME LOAN DON'T PACK THEM FOR THE MOVERS!

Not so many years ago, it was necessary to send verification forms to your employers of the last two years, all your banking sources and to all the mortgage companies and/or landlords you had dealt with over the past two years. Mortgage lenders can still do it that way to get the verified information they need, but there is a faster, easier way called alternative document method.

If you can supply the documents listed below, there is usually no need to have to send to outside sources for information. And, although both methods are very personal and intrusive, your loan will be ready to go to underwriting for a quick approval using the alternative documentation.

If you don't have these documents, it is okay - we can still do it the old way.

There are special "limited documentation" loans that do not require the items listed below, but most loan applications with any lender will need these common ducuments:

ALL LOANS:

INCOME -

IF SALARIED,

W-2'S FOR THE LAST TWO YEARS

RECENT PAY STUBS COVERING THIRTY (30) DAYS.

IF COMMISSIONED,

LAST TWO YEAR'S COMPLETE TAX RETURNS

RECENT PAY STUBS COVERING THIRTY (30) DAYS.

IF SELF-EMPLOYED,

LAST TWO YEARS' COMPLETE TAX RETURNS

YTD PROFIT AND LOSS STATEMENT.

TWO YEAR'S CORPORATE RETURNS IF YOU ARE GENERAL PARTNER OR OWN AT LEAST 25% OF THE BUSINESS.

IF RETIREMENT INCOME,

AWARD LETTER AND LATEST PAY STUB FOR RETIREMENT, SOCIAL SECURITY OR DISABILITY INCOME.

ASSETS -

THREE (3) MONTHS COMPLETE STATEMENTS ON ALL BANK/ASSET ACCOUNTS*.

*If you get a monthly statement as with checking and some savings accounts, you will need all three complete monthly statements. If you receive quarterly statements as with a 401k, you only need the single three-month statement.

MISCELLANEOUS -

IF YOU OWN INVESTMENT REAL ESTATE, COPIES OF ALL LEASES AND TWO YEAR'S COMPLETE TAX RETURNS.

TRANSFER LETTER IF COMPANY RELOCATION.

MILITARY ORDERS IF TRANSFERRED.

TRANSCRIPT IF A FULL TIME STUDENT IN THE LAST TWO YEARS.

COMPLETE BANKRUPTCY PAPERS INCLUDING DISCHARGE.

FINAL DIVORCE DECREE WITH COMPLETE SETTLEMENT AGREEMENT.

VA LOANS:

ORIGINAL VA CERTIFICATE OF ELIGIBILITY or

DD214 OR LETTER OF ACTIVE STATUS

MFA LOANS (FIRST TIME HOME BUYER ):

THREE YEAR'S COMPLETE TAX RETURNS.

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