In general, the documentation for a "full documentation loan" you will need includes:
PLease note that we never charge an aplication fee.
Property Information (if you already have a contract on a house)
Purchase Agreement.
If you are selling your current home, copy of listing contract.
If you have sold your current home, copy of settlement statement (HUD-1).
Income & Assets
Pay stubs for the last 30 days.
For the past two years:
Names and addresses of each employer.
W-2s
Statements for each bank, mutual fund, and/or investment account for the last three months.
If you have made any large deposits to your accounts:
Explanation and source for deposit.
If large deposit was a gift:
Signed gift letter (lender can supply).
Copy of gift check.
Copy of deposit receipt.
If you own more than 25% of a business:
If self-employed (full doc only):
Tax returns for the last three years (with schedules).
Year-to-Date Profit and Loss Statement prepared by an accountant.
Also, self employed individuals should be able to furnish a business or professional license, and/or a letter from a CPA verifying self employment for at least 2 years.
If you own rental property:
Tax returns for the last two years and current rental agreements.
(If this is to be a stated income loan, no tax returns are needed.)
If you are retired:
Pension Award Letter.
If you receive Social Security:
Social Security Award Letter. (same with disability income)
If you are counting child support as income:
Copy of divorce settlement.
Copy of twelve months of cancelled child support checks.
Debts
Names, addresses, account numbers, balances and monthly payments on all current loans. If not readily known, we'll input from the credit report.
Explanation of credit report anomalies, including:
Late payments, credit inquiries in the last 90 days, charge-offs, collections, judgments and/or liens.
Bankruptcy filed within last seven years (bring a copy of your bankruptcy papers).
VA Loans
Copy of DD Form 214, Report of Separation.
Miscellaneous
Photo ID and proof of Social Security number.
Residence addresses for the past two years.
If applicable, a copy of your divorce decree.
If you are not a citizen, a copy of the front and back of your green card.
The above checklist is a guide only. There are many other loan programs such as Stated Income/Verified Assets, Stated/Stated, No Income or Asset Vefification, No Ratio, Stated Commercial, Non-Recourse Commercial, and Light Doc, all of which require varying degrees of documentation. The goal of this checklist is so we can know what we are working with from the start. Our own review and consultations with you, our client, will then help us determine the best course of action in your loan, that will best achieve your goals, in the timeframe required. If we are dealing with what is known as a sub-prime loan, usually with lower credit scores between 500 and 670, and often with some credit "issues" that might cause a straditional bank to deny the loan, we will work with specific sun-prime lenders who often do not require nearly as much documentation... so relax. Even if you have damaged credit, we can usually find you a great loan.
CA Dept. of Rel Estate Broker's License: 00654852
America First Mortgage 1120 Second Street # 114 Brentwood, CA 94513
