To apply for a loan, you will have to provide the underwriter with detailed documentation of your financial history. Your lender will request a credit report from a credit agency and will verify the information provided in your loan application. Be prepared to provide the following information to your underwriter:
- Copies of your driver’s licenses, state ID or passport
- Copies of checking and savings accounts statements for the past two months (all pages)
- Evidence of any other liquid or semi-liquid assets such as bonds, stocks, or money saved in retirement programs (i.e. 401k, Ira’s, mutual funds, pensions, B’s, etc. – I full statement on each)
- Recent paycheck stubs for each borrower (30 days worth)
- W-2 withholding forms and personal income tax returns for the past two years
- If any of your income was self-employed, we’ll need 2 years of business returns and a year-to-date profit and loss statement (from CPA or QuickBooks printout signed and dated)
- Contact information for your preference of homeowners insurance agent
- Signed lending disclosures – These will be provided by your loan officer but it’s important to get them signed and returned promptly to prevent processing, underwriting and closing delays
As part of the application and pre-processing stage of getting a mortgage, you must be provided with required federal and state lending disclosures. They are a compilation of disclosures, authorizations, notices and forms that the state government, federal government and iLoan feel you should have. Due to new rules, not signing them and returning them to your loan officer promptly can create closing delays.
- Click here for a copy of the HUD booklet, Shopping for Your Home Loan
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