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31
Mar

Guide To Becoming a Successful Homeowner

Applying for a home is like telling a story - your story. The more detailed you are, the easier it will be for your lender to take the guess work out of the way in processing your application and make a decission. Below are a list of items needed for review. You will need to provide those that apply to you.

  • W-2 FORMS & FEDERAL TAX RETURNS (1040): Last 2 years are required per borrower.
  • PAY CHECK STUBS: If paid twice per month copy of last 2, if paid weekly, last 4.
  • BANK STATEMENTS: Last 2 months/quarters, complete pages.
  • 401K / IRA:  Last 2 quarter statements.
  • COPY OF DRIVER’S LICENSE OR CALIFORNIA I.D.
  • COPY OF SOCIAL SECURITY CARD for FHA and VA loans only.
  • COPY OF DD214 for VA loan only.
  • CERTIFICATE OF ELIGIBILITY - VA loan only.

If you are divorced:

  • COPY OF FINAL DIVORCE DECREE including complete settlement agreement.

If you are receiving child support and/or alimony:

  • COPY OF CANCELLED CHECKS OR BANK STATEMENTS for the last 12 months showing receipt of the same.
  • COPY OF COURT ORDER if applicable.

If you are receiving Social Security and/or Retirement Income:

  • COPY OF UPDATED AWARD LETTER

If you own rental properties:

  • COPY OF RENTAL / LEASE AGREEMENT with addresses, mortgage account numbers and balances per individual property.
  • FEDERAL TAX RETURNS (1040) last 2 years complete with addendums, re-signed with original signatures.

If you had a bankruptcy:

  • COPY OF DISCHARGE LETTER AND COMPLETE BK SCHEDULES.

If you are self-employed, a corporation, a partnership, or receive 1099 commission or bonus income:

  • COPY OF FEDERAL TAX RETURNS (1040) for the last 2 years complete with all addendums resigned with original signatures.
  • SIGNED YEAR-TO-DATE (YTD) PROFIT & LOSS STATEMENT
  • COPY OF CORPORATE FEDERAL TAX RETURNS (1120) for the last 2 years with original signatures (only if you are a corporate officer and/or own stock of 25% or more.
  • COPY OF PARTNERSHIP FEDERAL TAX RETURNS (1065) for the last 2 years with original signatures (General Partnership only).
  • COPY OF SIGNED PARTNERSHIP K-1 FORMS for all limited partnership as well as general partnerships.

If you sold a home in the last 12 months:

  • COPY OF FINAL CLOSING STATEMENT

If you are purchasing a condominium or townhouse (For Your Information Only):

All these documents should be made available to you by seller or the project management through escrow. 

  • By-laws and Articles of Incorporation
  • Master Insurance Policy
  • Sufficient Fidelity Bond coverage
  • Current Balance Sheet
  • Current Project Budget CC&R’s
  • Occupancy requirements
  • Resale requirements

 

REFINANCE OR EQUITY LOAN REQUIREMENTS

 

  • EVIDENCE OF INSURANCE- Front page of homeowner’s insurance policy.
  • NOTES ON EXISTING MORTGAGE(S) & LENDERS.
  • COPY OF LATEST MORTGAGE BILLING STATEMENT(S).
  • COPY OF PROPERTY TAX ROLL (BILLING STATEMENT).
  • FINAL CLOSING STATEMENT if home was purchased less than 2 years ago.
  • LETTER FROM BORROWER/S stating purpose for refinancing.

 

 

 

 

Jonathan Caguioa

NMLS# 250609 / DRE# 01137630 Mobile: 949-241-2527

ALLIANZ MORTGAGE NMLS# 346138 / BRE# 01403147

13215 E. Penn St. PH1
Whittier, CA 90602

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