Documents required by Lenders for residential purchases

(General list-additional docs may be required)

For W-2 employees

• Proof of income (30 days of pay stubs and 2 years W-2)
• Proof of Assets  (60 days of bank statements – all accounts, all pages)
• List of all properties owned and proof of tax and insurance costs
• 2 year history of employment and residence
• Proof of residency (type of Visa if non-resident)
• Signed disclosures returned within 5 business days
• Loan specific required forms (USDA, VA or FHA)

For Self employed, commissioned or anyone that owns more than 25% of a company

• Proof of income (30 days of pay stubs PLUS 2 years of W-2 PLUS 2 years of SIGNED tax returns – both personal and corporate)
• Proof of Assets (60 days of bank statements – all accounts, all pages)
• List of all properties owned and proof of tax and insurance costs
• 2 year history of employment and residence
• Proof of residency (type of Visa if non-resident)
• Signed disclosures within 5 business days
• Loan specific required forms (USDA, VA or FHA)

If applicable, a lender will require:

• Divorce decree (with a minimum 3 years of anticipated income continuance and a minimum of 6 months of prior child support receipt)
• Approval of a HOA or Condo complex (minimum owner occupancy levels and acceptable budget)
• Acceptable condition of proposed property (appraisal will list conditions)
• College Transcripts (if enrolled within last 24 months)
• Letters of explanation for:
  • large deposits (over $500 that are not primary income related)
  • change in employment
  • any new credit obtained or credit applied for.
  • reason for significant increase or decrease in size or cost of home
  • bankruptcy, foreclosure, shortsale or any derogatory credit

Good luck!