When applying for a mortgage these days it is very important to have an experienced loan officer that will have you prepared to obtain an approval in the easiest of ways.
The days of No Doc loans or Stated Income loans are a thing of the past and it is very important to be prepared on the the front end of the process. The job of an experienced loan officer is to assess your unique situation, in doing so the file that is presented to the underwriter should go through in a quicker manner. The checklist below should assist anyone that is in the process of looking to refinance or purchase a home.
Paystubs: If you are not self employed and are a W-2 wage earner the lender will require 30 days worth of pay stubs.
W-2’s: The lender will require the most recent years W-2 and sometimes 2 years worth so it is always better to be prepared to present the past 2 years.
Self-Employed Borrower: Depending on the structure of your company i.e. LLC, S-Corp or Partnership the general rule of thumb is to be prepared to produce the last 2 years of taxes.
1099 and Commission only would fall under the self employed standards above.
Asset Verification: Generally speaking this would fall under a savings/checking account and the lenders will require 2 months bank statements (all pages) in order to verify any “seasoned” assets.
All lenders will require a photo i.d. of each borrower and depending on what type of loan they may require a copy of your Social Security card as well.
Keep in mind that every loan is different and it is really up to your the loan officer to prepare you for the loan submission. Remember a complete loan package presented to the underwriter on the front end will result in a smoother approval process and a quicker closing time.
Posted by Randy Ratchford. Randy is a partner, Sr. Loan Officer with Horizon Financial. Randy can be reached toll free @877-627-9211 ext. 107 or email RRatchford@HorizonFinancial.org
