Financing Info

Here is a checklist to organize what you will need to complete a loan application:

• A signed copy of Purchase Agreement plus all Addendums.
• Tax and Legal description on subject property.
• Residence addresses for the past two years.
• W-2 statements or 1099’s for the past two years.
• A computer-generated paycheck stub for the last 30 days.
• Names, addresses and phone numbers of employers for past two years.
• Statements for all checking, savings, IRAs, 401Ks, money markets, profit sharing and evidence of stocks and bonds from the past two months, documenting all recent large deposits.
• For income from commissions, bonuses, partnerships, corporations, or if self-employed, bring personal Federal Income Tax Returns with all Schedules from past two years, along with a current P&L Statement and Business Balance Sheets and Partnership and/or Corporate Returns from past two years, if applicable.
• Cancelled checks from rent or mortgage for the last 12 months, and name and address of any landlords you’ve had in the last 12 months.
• Names, addresses, account numbers, monthly payments and balances on all open loans and revolving credit accounts.
• A copy of Bankruptcy Petition, listing all creditors and a copy of Bankruptcy Discharge Papers, if applicable. Please provide letter of explanation as to why the Bankruptcy occurred.
• Copy of Driver’s License and Social Security Card, for VA Loans only.
• Certificate of Eligibility and DD214 Discharge Paper, for VA Loans only.
• Application fee, in the form of a check or money order.
• A copy of any divorce decree and/or separation agreement.
• A “Friend of the Court” letter stating the amount of any alimony/child support payments and notification that the account is current.
• Your 1040 tax forms from the past two years, if self-employed. 1120 Corporate Tax Returns (or Form 1065 for Partnerships) for the past two years, year-to-date profit-and-loss statement and balance sheet signed by your accountant.
• 1040 tax forms from the past two years (including Schedules) if you own income properties or if your income is based on commission or bonuses.