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—you are self-employed
—earn regular income from
capital gains
—earn sizable interest income, etc.
—earn more than
25% of your income from commissions or bonuses
—own
rental property
—or are in a career where you are likely
to take non-reimbursed business
expenses).
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- Year-to-Date Profit and Loss Statement
(for self employed)
- Corporate or Partnership tax returns (if you own
more than 25% of the business)
- Pension Award letter (for retired individuals)
- Social Security Award letters (for those on Social
Security)
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- Bank statements for previous two months (sometimes
three) on all accounts. All pages, even if you don't
think them important.
- Statements for two months on all stocks, mutual
funds, bonds, etcetera
- Copy of latest 401K statement (or other retirement
assets because they can count as reserves)
- Explanations for any large deposits and source
of those funds
- Copy of HUD1 Settlement Statement on recent sales
of homes
- Copy of Estimated HUD1 Settlement Statement if
a previous home is for sale, but not yet closed
- Gift letter (if some of the funds come as a gift
from a family member - the lender will supply a blank
form)
- Gifts can also require:
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—Verification of donor’s ability to
make the gift (bank statement)
—Copy of the check used to make the gift
—Copy
of the deposit receipt showing the funds deposited
into bank account or escrow
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Note: many get their statements
of various kinds over the internet and these are
not always acceptable to lenders, especially when
the printed version does not contain the borrower's
name, account number, and the name of the institution.
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- Landlord’s name, address, and phone
number (if you rent - for verification of rental)
- Explanations for any of the following items which
may appear on your credit report:
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—Late payments
—Credit inquiries in the last 90 days
—Charge-offs
—Collections
—Judgments
—Liens
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- Copy of bankruptcy papers if you have filed
bankruptcy within the last seven years
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- Copy of purchase agreement (if you have
already made an offer)
- To document receipt of child support (if you desire
to show it as income)
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—Copy of Divorce Settlement (to show the amount)
—Copies
of twelve months canceled checks to document actual
receipt
of funds
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- Copy of Social Security Card (or other
documentation of social security number)
- Copy of Driver’s license
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- Copy of your most recent monthly mortgage
bill
- The following cannot hurt to have ready, but are
not as necessary as they once were:
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—Copy of Note on existing loan
—Copy of HUD1 Settlement
Statement on existing loan
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