Documents Needed for Loan Approval


Documents Needed for Loan Approval

Documents Needed for a Mortgage Loan Approval in Kentucky-


You  want a Easy Loan Approva? : Have These Items Ready When You Apply For a Loan


For a Quick Easy Loan Approval:





Have These Items Ready When You Apply For a Loan

Posted on April 15, 2011 by Louisville Kentucky Mortgage


Louisville, Ky Mortgage Lenders: For a Quick Easy Loan Approval:Have These Items Ready…:



Employment

____ Name and address of employers for the past two years

____ Copy of pay stubs for the previous 30 days

____ Copy of last two years w-2 forms

(if commissioned or paid by 1099, copy of last two years complete tax returns)



Self-employed

____ Copy of last two years tax returns (personal and corporate);

year to date P&L and Balance Sheet through the most recent quarter



Liabilities

____ Name and account numbers for all revolving and installment accounts

____ Name and account number for all mortgage loans for the previous two years

____ Name and address for landlords for the previous two years



Assets

____ Name, address, and account number for all bank accounts

____ Name, address, and account numbers for all brokerage accounts

____ Copies of statements covering last 3 months on asset accounts

____ Copy of most recent statement for 401K, Savings Plan, etc.





Miscellaneous

____ Copy of driver’s license and social security card

____ Copy of fully executed divorce decree if applicable

____ Copy of signed earnest money contract

____ Copy of lease agreements on rental properties

____ Veterans! Copy of DD 214 and Eligibility Cert. if you have it

____ Check for the cost of your credit report and appraisal


Documents Needed For All Loan Applications

ALL BORROWERS:

  1. Copies of W-2's for the last two years;
  2. Copies of paycheck stubs for the last 30 days (most current);
  3. Copies of checking and saving account statements for last three months (all pages);
  4. Copies of quarterly or semi-annual statements for checking, savings, IRA's, CD's, money market fund, stock, 401k, profit sharing, etc.;
  5. Copy of sales contract when ratified;
  6. Employment history for the last two years (address any gaps of employment);
  7. Residency history over the last two years, with name, phone number, address and account number of Land or Mortgage Company. Rental property copies of leases plus mortgage information.
  8. Canceled earnest money check when it clears or corresponding bank statement, if applicable;
  9. Commissioned or bonused income -- if 25% or more of base, must have tax returns;
  10. Check for the expense of appraisal & credit report;
  11. Refinance Copy of Note, Deed of Trust, Settlement Statement, Survey, and Insurance information;
  12. Any assets used for down payment, closing cost, and cash reserves must be documented by a paper trail;
  13. If paid off mortgage in the last 2 years, need copies of HUD1;
  14. Copy of drivers license for applicant and co-applicant.

SELF-EMPLOYED BORROWERS:

  1. Copies of most recent 2 years tax returns (with all schedules including k-I's if applicable);
  2. Copy of current profit & loss statement and balance sheet;
  3. Copy of corporate/partnership tax returns for most recent 2 year period if owning 25% or more of company -- copies of W-2's and/or 1099 forms.

DOCUMENTS WHICH MAY BE REQUIRED:

  1. Relocation Agreement if move is financed by employer, i.e. buyout agreement plus documentation outlining company paid closing costs benefits;
  2. Previous bankruptcy, need copies of petition for bankruptcy and discharge, including supporting schedules;
  3. Divorce Decree if applicable;
  4. Documentation supporting moneys received from social security/retirement trust income, i.e. copies of direct deposit bank statements, awards letter, evidence income will continue.

DOCUMENTS NEEDED FOR FHA/VA LOANS:

  1. FHA: Copy of social security card and drivers license for each applicant and co-applicants;
  2. VA: Original Certificate of Eligibility and copy of DD214 Discharge Paper;
  3. VA: Name and address of nearest living relative




Documents Needed for a Mortgage Loan Approval in Kentucky-