HOME BUYING | REAL ESTATE AGENTS NEAR ME

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Home Buying | Real Estate Agents Near Me | Below are the required documents needed to get approved for a home loan. Please fax these to 903-257-5936 Attn: Home Loan Dept or you can email them directly to your Account Specialist at info@killmybadcredit.com.

PRE-APPROVAL DOCS (REQUIRED)

These are the items needed for the lender to issue a pre-qualification letter. Some lenders may issue pre-approvals prior to reviewing an application and supporting documentation.

Tax Returns – 2 YEARS, ALL pages & schedules
2. W2 or 1099 – 2 YEARS, that match tax returns
3. Paystubs – 30 CONSECUTIVE days
4. Assets – Checking, savings and retirement accounts – Last 3 months
5. Identification – Scanned driver’s license or passport
6. Current Homeowners ONLY – Most RECENT mortgage statement

They MAY require some additional docs and clarification for buyer’s seeking a pre-approval, but generally this document set will provide enough info that they can accurately and confidently issue a pre-approval.

For full underwriting for those wanting to get a head start OR already under contract, the list below outlines the documents needed for underwriting submission.

ALL BORROWERS:

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:

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:

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:

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 Papers;
3. VA: Name and address of nearest living relative

Obviously each of our clients is unique, with unique income, asset or credit situations and some of the docs listed may not be attainable or applicable. We are not required to assist you and only must do our work to help with the credit area, but we go the extra mile to help our clients get ready for the home loan.

We UNDERSTAND that we are requesting a lot of documents, but that is the nature of the mortgage beast after the Great Crash / Recession of 2007. ALL mortgage lenders require the same documentation, the difference with us is that we want it earlier in the process to PROTECT YOU and avoid jeopardizing your earnest money investments outside of standard purchase contract contingencies.

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