Always request these top seven items no matter what.

1. Mortgage statements for all properties owned
2. Hazard Insurance Dec Page for homeowners Insurance
3. Personal Bank Statements for 2 previous months ( all pages even if left Blank ) not the web print outs!
4. LOE's for credit inquiry's ( see forms and tools page )...look on public info page of credit report
5. LOE for multiple addresses
6. LOE for AKA's or other name variations on credit report ( see forms page )
7.Previous two years personal tax returns ( all schedules ) why?...4506T's get processed on every loan PTD, stuff pops up on the IRS Transcripts...Despite what your DU says, request them while the borrower is still happy to be doing this.


Income Documentation Profiles/Types and Requirements.

Self Employed  -  2 years business and personal tax returns, business license ( if an S-Corp, request the K1's,1120's W2s and Paystubs too!)
Regular 9-5 Income Earners -  2 yrs W2's, 30 days paystubs for each applicant ( get 1040's too )
Base + Commission Earners - ( Income >25% of total income ) Request 2 yrs personal taxes ( all schedules )...Scrub Schedule-E for losses!!
Retired - Request Social Security Awards Letters, SSI 1099, Pension Award Letter and 1099 for Pension Income ( May You may and should call ahead and request the Pension Award letter! ( sometimes takes 7-10 days mail only! )
Receives regular payments from a managed retirement account- 2 yrs taxes, document all assets and 3 previous bank statements to source scheduled deposits!
Piece Work W2 jobs - Get all paystubs from current year and all W2s from last two years! ( Film industry and Union workers are notorious for this )
Alimony/Child Support Income - Court order or Divorce Decree will do ( all pages )



Property & Unique Personal or Loan Specific Requirements.

Is or has an Investment Property - Request 2 yrs taxes, all tax property tax bills ( see black book on favorites page ),  hazard Insurance statements and mortgage statements from each property.
Is an Attached or Detached Condo see property profile or prelim 1st to determine ( Request the master policy w/ HO6 Coverage ) has a -.75 LLPA for Condos!!  even if the home looks like a detached PUD!!! ( see the prelim man! )
Has an HOA -  Request the monthly bill or statement
Property is held in a Trust - Get ALLLLLTrust Docs..allllll of them
Refi'd or bought in last 12 months - Get the HUD from last transaction
Chapter 13 or 7 Bankruptcy - Get the official discharge from the courts ( FHA 3 yrs & Conventional 7 yrs )
Pays or receives child support or alimony - Court order or divorce Decree
Been divorced in 10 years or less - Divorce decrees are always needed!
Recent Death of Party to title or Spouse - Request the death certificate
FHA or VA LOANS - Request the Drivers licenses and Social Security cards for each applicant and NOTE from the 1st mortgage ( You or the Borrower may need to call existing lender to request copy of the NOTE )
NON IRRRL VA LOANS - Termite Inspection required and VA FORM 33
Subordinations - Request the NOTE of the 2nd or 3rd mortgage loan ( quote 30+ days post approval and $200 to their own lender to process) ( See Processing Tips page for various lenders and their requirements
Purchase Loan - Get the contract with all counter offers and addendums, the Earnest money deposit and all their 3rd party info as well as all the above related items based upon the preceeding requirements.
Private Party Lien holders and or Subordinations - Get 12 months cancelled checks( front & back ) to the payee, contact info for the lienholder.
Texas Loans - Request the Survey
Recent Room Additions and or Modifications - Request all Permits



CUT and PASTE below for your BASIC NEEDS REQUEST Template !

 
 
Here are the items that are typically requested when applying for a loan to purchase a home.
 
- Valid driver’s license or other government-issued photo identification.
- Bank/asset statements for the last two months on all checking, savings, stock, mutual funds, IRA, or other liquid asset accounts.
- Pay stubs for the last 30 days.
- W-2 forms for the past two years.
- If receiving SSI or Pension Income, ( need awards letter and 2 years 1099’s)
- Federal tax returns for the past two years, including all schedules.
- If self-employed or you own more than 25% of a business, copies of business tax returns for the past two years, including all schedules.
- Credit documentation pertaining to any credit disputes.
- For other real estate owned, need loan information, monthly payment, and any rent collected.
- Sales Contract, if available.
- Landlord/mortgage company information for past two years.
- Certificate of Eligibility and DD-214 or Statement of Service, if applying for a VA loan.
- If previous bankruptcy–A copy of entire bankruptcy papers with a copy of discharge.
- If applying jointly, each borrower must provide their date of birth,social security number, and the same documentation noted above.
- A copy of the settlement statement if you sold property in the last three months.
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