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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 decision. 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.
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