Documentation Checklist For Borrowers
Documentation Checklist For Borrowers
Documentation process involved while buying a new house can be a little over whelming if you don’t have the right information. The process has become even tougher and time-consuming since the financial crisis of 2008. Buyers now have to provide more paperwork than ever to get approved for a loan be it a government backed loan, a qualified mortgage or even a jumbo loan. You can make it easier for yourself by making a checklist of all documents required in the entire process and consulting a professional with any questions you may have.
BORROWERS CHECKLIST
The list of necessary documents for the borrower is as follows:
- Copy of signed sales contract
- Copies of paycheck stubs for the last 30 days or most current paycheck
- A copy of driver’s license for applicant. If there is a co-applicant, provide his copy as wel
- A copy of Social Security card for the applicant. If there is a co-applicant, provide his copy as well
- Copies of W-2 forms for the last two years
- Copies of buyer’s tax return for the past two years
- Copies of all bank account statements – checking or saving – for the last two months
- Copies of quarterly or six-month statements for checking accounts, saving accounts, IRA’s CD’s, money market funds, stocks, 401k, profit sharing and any other income streams
- Last two year’s employment history
- History of residential addresses for the last two years. In case of rented properties, provide land lord’s name, address and phone number
- Check or credit card for appraisal fee
- Refinance Copy of Note
- Deed of Trust and Settlement Statement
- Survey and Insurance information
DOCUMENTATION CHECKLIST FOR SELF-EMPLOYED BORROWERS
For self-employed borrowers, the criteria of required documents is a little different and they need to present some additional documents in order to qualify for loans. These include:
- Copies of tax returns for the past two years (with all Schedules, including K-1’s, if applicable)
- Copy of corporate/partnership tax returns for most recent two-year period, if owning 25 percent or more of company – copies of W-2’s and/or 1099 forms
DOCUMENTATION CHECKLIST FOR VA AND FHA LOANS
Additional documentation checklist, if applicable
- If a move is financed by the employer according to a Relocation Agreement, buyout agreement and documents representing company-paid closing costs benefits have to be provided
- For divorced persons, divorce decree and other divorce documents are to be provided
- Documents supporting the receipt of gifts or money received from non-profits must be provided
- If you have filed for bankruptcy previously, copies of petition for bankruptcy and discharge as well as supporting schedules must be presented
- Proof of income received from Social Security or retirement trust which includes copies of direct deposit bank statements and awards letter is required
Following this checklist can help you a great deal in gathering all the necessary documents saving you time and making your purchase a smooth experience. Our professionals can make this exciting purchase effortless.
