Here is documentation requirements you can follow to insure the most complete documentation and eliminate potential delays in the processing of your loan. Supply the items if applicable. This would in most cases be considered over documenting but it prevents you from needing to provide the information at a later date if it is requested. Most Lenders have their own set of requirements and may ask for additional documentation or clarification on the documents received.

Assets:

• 2 months complete Bank Statements. They must contain all pages and your name, full or partial account number, and financial institution name. Analyze the statement and it may be a good idea to provide a written explanation that you sign and date explaining any NSF fees or Overdraft Charges. (If you have any you might want to ask your Loan Officer if a Verification of Deposit "VOD" would be acceptable in lieu of Bank Statements) You may also want to write a letter, sign, and date it explaining any large deposits made into the account and provide a paper trail to support your letter.
• Most recent quarterly investment account statement. Must have all pages and contain your name, full or partial account number, and financial institution name.
• Stock Certificates
• Most recent statement for Life Insurance policies that have a cash value. (Only if there is a cash value)

Income:

  Wage Earners: (taxes taken out of pay)

• 2 of your most recent pay stubs. 1 must be in the last 30 days and the most recent is preferred.
• Your last 2 years of W2's.
• Your Lender and/or Underwriter may conduct a Verification of Employment. Sometimes it is a document that needs filled out and other times it is a simple verbal verification. You should give your Loan Officer the number to your Human Resources Department and/or Manager. If your employer uses a contractor for verifications like "The Work Number" you should obtain the Salary Key and Employer Code so the verification can be completed.

  Self Employment: (1099 income, Business Owner)

• Your last 2 years of Federal Income Tax Returns with all schedules. If you filled an extension for the most recent year and have not filed yet then provide most recent 2 years, extension letter, and a Profit and Loss Statement for the year extended.
• Profit and Loss Statement for the current year.
• 1099 statements
• Business Federal Returns for the most recent 2 years.

  Child Support:

• Tip: A lender is not allowed to ask you if you receive Child Support. They can and should ask you if you pay it. If you receive Child Support and want to use that income to qualify then tell your Loan Officer.
• Tip: If this income will not continue for the next 3 years the lender may not use it.
• If you receive Child Support you will need to supply the lender with your Divorce Decree or most recent Child Support Order. You will also need to contact your Case Worker and request a 24 month payment history.
• Proof of Children's age(s) if not contained within the above documents.
• If your support contains Alimony then the Divorce Decree will be required.

  Pension:

• A letter from your pension provider stating the payment amount and payment frequency. If the Pension is not direct deposit and does not show on your Bank Statements then provide your most recent payment stub.
• 1099's for the last 2 years.

  Social Security:

• 1099 statements for the last 2 years.
• Your award letter for the most recent year showing your benefit amount.
• If the benefit is not direct deposit or does not show on your bank statement provide a copy of your most recent benefit payment or obtain a benefit printout from the Social Security Administration showing the amount of the benefit.
• If this benefit is received due to a disability you will need proof that the benefit will continue for the next 3 years. Usually you would need a letter from your doctor stating the condition of your disability and the probability of continuing for the next 3 years.
• If this is a dependent benefit you will need proof the benefit will continue for the next 3 years. Usually proof of dependent age will be enough. In rare cases I have had to provide the page of the booklet defining the benefit and when it expires.

  Annuity:

• Proof the payment is likely to continue for the next 3 years. A quarterly statement showing the balance of the account normally works.
• If the benefit is not direct deposit and does not show on your Bank Statement then a copy of the check or a letter from the Financial Institution holding the account and stating the payment amount.

   Rental Income:

• Lease Agreements
• 2 year complete Federal Income Tax Returns with all schedules.

 Other:

• Name, Address, and Phone number for your current Landlord for a Verification of Rent. If you are purchasing the home you live in and pay rent to the owner you may be required to provide the last 12 months of cancelled checks.
• Name and phone number for your Homeowners Insurance Agent.
• Credit Inquiry Letter - Write a letter stating the reason for the recent inquiries on your credit report and that no new accounts were opened as a result of the inquiries. If new accounts were opened and are not reflected on your loan application or credit report you must supply your lender with proof of the new loan terms.
• If you have a Student Loan in deferment you may be able to exclude the payment from your debt ratio. You will need proof that the loan is deferred for the next 12 months and that it has the option to renew the deferment.
• If you are refinancing then provide your most recent mortgage statement(s).
• If the home has Homeowners Association then the lender may need proof from the bylaws stating the association will subordinate to a mortgage.
• If the land for the house is on Leasehold then a copy of the lease is required.

If you have any other questions I am sure either I or one of the other Loan Officers will answer them for you.

---

steelfan wrote:
Can you provide the easiest way to slap your lo around when you do send them the stuff on more than one occassion and they lose it and this isn't a naca loan .

---

I most certainly can. Ok sit up in your chair and read closely. (Building suspense)

Tell him you found another Loan Officer who will not loose your documentation and you may switch over to him instead.

I am glad some people find the post helpful. I spent so much time on it I think I will put it on my blog too.

---

Greg_Phillips wrote:
I think I will take you up on that advice. I have had quite a bit of people find me on Google here lately. You have actually seen my blog? I revamped it here recently and I was wondering if you saw the before and after look?

---

Are you the Chicago-area real estate agent who comes up with I google Greg Phillips?