Welcome to your first step in the home financing process.
Welcome to your first step in the home financing process.
Don't worry, we'll make it easy for you!
Document Checklist
List of Services
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Personal Information and DocumentationList Item 1
- Valid government-issued photo ID (driver's license, passport, etc.) for all applicants.
- Social Security numbers for all applicants.
- Employment history and contact details for the last two years.
- Proof of legal residency or citizenship (if applicable).
- Divorce or separation agreements (if applicable).
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Income and EmploymentList Item 2
- Pay stubs for the last 30 days.
- W-2 forms for the last 2 years.
- Tax returns (1040) for the last two years.
- Proof of any additional income (bonuses, overtime, alimony, etc.)
- If self-employed: profit and loss statements, business tax returns, and balance sheets for the last two years. (all schedules) (1099 or K-1 forms if applicable)
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AssetsList Item 3
- Bank statements for the most recent 2 months (all accounts).
- Investment account statements (stocks, bonds, mutual funds, etc.).
- Retirement account statements (IRA, 401(k), etc.).
- Documentation of any other assets.
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Documents for Including Extra IncomeList Item 4
- Any benefits letters showing present and/or future monthly social security, retirement, disability, or pension income.
- Child support orders showing current amount received.
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Documents that May Be Required
- For veterans: Provide a DD214 or DD256 if you're a veteran reservist.
- For refinancing purposes: Include a duplicate of your current mortgage statement.
- If you've undergone bankruptcy within the last seven years: Include copies of the payment plan and/or discharge documents.
- Divorce decree if applicable.
- If you possess one or multiple rental properties: Provide copies of leases, mortgage statements, homeowners insurance details, and property tax statements.
- For non-U.S. citizens: Include your Permanent Resident Card, employment authorization card, or ITI documentation if applicable.
- Child support order to confirm how much is paid monthly.
Important Note: Although we do our best to get all the required documentation up front, additional items may be requested during the underwriting portion of the process if needed to guarantee your loan.
DOs AND DON'Ts
- DO educate yourself about the home financing process, making sure that you meet your short and long-term financial goals. We're here to help you identify what these goals are and make sure your home financing aligns. Ask all the questions you'd like, we're here for you!
- DO maintain your current employment status. Stability is a key factor in the home financing process, and having a consistent job and income greatly enhances the smoothness of the process. If you experience any employment changes such as earning a promotion with a raise, go from salary to commission, etc. please be sure to notify our team as soon as possible.
- DO stay current on all your payments and existing accounts.
- DO maintain thorough documentation records. Documentation is an important part of the process as it's what we as mortgage lenders need to have for verifying income, employment, current debs, etc. You'll find the application documentation checklist above that will give you an idea of what will be needed during the process.
- DO make sure to mention if any part of your down payment is a gift. We'll need to guide you through the process of documenting the gifted funds accurately.
- DON'T conduct substantial deposits, withdrawals, transfers, or financed purchases without prior notice. If it's necessary to proceed with such transactions, kindly retain records detailing these activities and notify us BEFORE initiating them.
- DON'T make major purchases prior to or during your contract. Doing so can have an impact on your home loan qualification. If you have any specific questions about this, please consult with our team!
- DON'T apply for a new credit or give your information to anyone who may run your credit. Opening or increasing existing liabilities including credit cards, student loans, and/or other lines of credit during the process can have a major impact on your home loan qualification.
- DON'T close credit card accounts after you've paid them off. This may increase your debt ratio and have a negative impact on your credit score.
Have any questions about the above?
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