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Items You Need When Applying For a Loan

Have These Items Ready When You Apply For a Loan

It used to be that lenders mailed out verifications to employers, banks, mortgage companies, and so on, in order to verify the data supplied by borrowers. Nowadays, the interest is often in speed and getting answers quickly so alternate documentation has become more widely used. Alternate documentation means that underwriting answers can be obtained with information supplied directly from the borrower instead of waiting around for verifications to come back in the mail.

The following is required for most standardized loans as part of alternate documentation processing. Items may differ according to whether your loan is a conforming (Fannie Mae or Freddie Mac), non-conforming (jumbo) loan, government loan, or a portfolio loan.

Verifications are still mailed out, but usually as part of quality control procedures.

These are the things you need to supply to your lender to get a quick approval using alternate documentation

Income Items

  • W2 forms for the last two years
  • Pay stubs covering a 30 day period
  • Federal tax returns (1040s) for the last two years, if:
    • you are self-employed
    • earn more than 25% of your income from commissions or bonuses
    • own rental property
    • or are in a career where you are likely to take non-reimbursed business expenses
  • Year-to-Date Profit and Loss Statement (for self employed)
  • Corporate or partnership tax returns (if applicable)
  • Pension Award letter (for retired individuals)
  • Social Security Award letters (for those on Social Security)

Asset Items

  • Bank statements for previous two months (sometimes three) on all accounts. All pages.
  • Statements for two months on all stocks, mutual funds, bonds, etc.
  • Copy of most recent 401K statement (or other retirement assets)
  • Explanations for any large deposits and source of those funds
  • Copy of HUD1 Settlement Statement on recent sales of homes
  • Copy of Estimated HUD1 Settlement Statement if a previous home is for sale, but not yet closed
  • Gift letter (if some of the funds come as a gift from a family member)
  • Gifts can also require:
    • Verification of donor’s ability to make the gift (bank statement)
    • Copy of the check used to make the gift
    • Copy of the deposit receipt showing the funds deposited into bank account or escrow

Credit Items

  • Landlord’s name, address, and phone number (for verification of rental)
  • Explanations for any of the following items that may appear on your credit report:
    • Late payments
    • Credit inquiries in the last 90 days
    • Charge-offs
    • Collections
    • Judgments
    • Liens
  • Copy of bankruptcy papers if you have filed bankruptcy within the last seven years

Other

  • Copy of purchase agreement (if you have already made an offer)
  • To document receipt of child support (if you desire to show it as income)
    • Copy of Divorce Settlement (to show the amount)
    • Copies of twelve months canceled checks to document actual receipt of fund

FHA Loans

  • Copy of Social Security Card (or other documentation of social security number)
  • Copy of Driver’s license

VA Loans

  • Copy of DD214

Refinances

  • Copy of Note on existing loan
  • Copy of HUD1 Settlement Statement on existing loan
  • Name, address, phone number, loan number of existing loan/lender
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Cindy Paterson 
Email- cindypaterson.realtor@gmail.com
Cell: 405-473-3239
Metro Brokers Of Oklahoma
Office: 405-520-8963
Fax: 405-703-3255
License #138626

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Cindy is the utmost professional bringing all her expertise but also a personable, friendly perspective during a house hunt. She helped us look ALL DAY LONG and gave us terrific advice and feedback. She helped us purchase our dream house and we highly recommend her. We hope to stay in this home forever but if we ever did move again, there would be no doubt who to call. Julia Wagner Leinen
Cindy was such a blessing to my husband and I when we were looking to buy our first house. She carefully sought out houses and neighborhoods that's would fit our needs. She gave us multiple options and was always available when we had questions. When we finally decided on a house, she did an awesome job communicating with the sellers, and working out a great deal for us! I thought buying a home would be so stressful and hard because we are young and don't know much about real estate. But with Cindy, it was a breeze and an exciting process! I can't think of anyone else I would rather have partnered with when looking for a home for my family! Mike and Kaci Moore
Cindy is a superb realtor and guided us through every step of the home-buying process with the upmost professionalism. She was easy to reach and always kept us updated on the status of our paperwork. We couldn't be more be pleased with Cindy and recommend her without hesitation to anyone wanting to buy or sell a home. Brian and Maria Sargent
Cindy was so easy to talk to & made us feel comfortable as she walked us through the processes step by step. She updated our education on Oklahoma properties. When I was fretful, she would remind me that God would lead us to the right place. After a snafoo after closing, she jumped at the chance to make things right. Thank you, Cindy! Don and Sue Ann Wagner
I know she's my mom, but she worked her hinny off helping Brandon I buy a house in 2013! She was so patient and helpful! Brandon and I didn't know the first thing about buying a house, credit, or anything and she walked is through it! Brandon and Ashley Kirby
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