Loan Application Process

Posted by dagmar | |

Loan Application Process

How much home can I buy?

How much home you can buy depends on your credit score and your down payment on non-qualifying programs. Otherwise, it depends on your quality of credit and reported income.

DOCUMENTATION REQUIRED

If you are salaried or receive an hourly wage…

  • W-2 forms for the past 2 years (computer generated)
  • Pay stub(s) for most recent 30 day period (computer generated showing year-to-date earnings)

If you are self-employed or a commissioned salesperson…

  • Federal tax returns (business & personal, signed & including all schedules) for the past two years-include W-2 forms if applicable.
  • Pay stub(s) for most recent 30 day period (computer generated showing year-to-date earnings) * Profit & Loss Statement and Balance Sheet, if applicable (current, year-to-date, signed and dated) Verification of funds for closing.
  • Complete depository account statements including stocks and securities for most recent 3 mo. period (passbook copies are not acceptable).
  • Most recent complete retirement (IRA/Keogh/401K) account statement Payment history.
  • Cancelled checks showing mortgage or rental payments
    for most recent 12 mo. period Miscellaneous.
  • Divorce decree (if applicable)
  • Social security card (FHA applicants).
  • DD214 discharge papers and/or original Certificate of Eligibility (VA applicants).
mortgage loan lender Loan Application Process

Home Mortgage Process

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