During the application process, our underwriters must decide how likely it is that you’ll be able to keep your promise of repayment. Your credit history, income, current debt level, and assets are the main factors used to make this determination. In order to scrutinize your qualifications, the lender will ask you to provide some, or all, of the following:
- A copy of the property sales contract.
- Address of residence you lived for the last two years.
- Employment information for the past two years.
- Confirmation of income:
- Salaried employees: W-2s for the past two years.
- Self-employed: Signed business and personal tax returns for the past two years, all pages, all schedules.
- Commissioned employees: Signed tax returns for the past two years, include all pages.
- Pay stubs for the most recent 30 days.
- Bank statements to verify down payment funds.
- Any bankruptcy or divorce documents.
- Copy of asset accounts: savings, 401K, IRA”s, Sep Plans,
- Copy of Gift letter, with promise of no repayment.
Gathering this information may seem overwhelming, but don’t worry, this process is being done daily by thousand of folks across the country looking to purchase a new home.
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