Financing Homes in Lake Tahoe and Truckee since 1992.

The loan application check list

In general, the documentation you will need includes:

Property Information:

  • A copy of home owner’s insurance statement and, if applicable, HOA dues statement for each property you own.
  • Purchase agreement if you are already in contract.
  • If refinancing and you bought your home in the last 12 months, a copy of the settlement statement (HUD-1).
  • If you are selling your current home, a copy of listing contract.
  • If you have recently sold your current home, copy of settlement statement (HUD-1).

Income Information:

  • Pay stubs for the last 30 days.
  • Federal tax returns for the last two years (with all schedules) and if applicable with K-1s (as shown on the schedule E of the tax returns.
  • W-2s and 1099s (pension, social security and IRA income)

Asset Information:

  • Statements for larger bank, mutual fund, and/or investment account for the last two months (all pages of each statement).
  • If you have an accepted offer on a house, a copy of the bank statement or screen print showing that the escrow deposit has cleared your account.
  • If you have made any large deposits to your accounts:
    • Explanation and paper trail of each large deposit.
    • If large deposit was a gift:  Signed gift letter (lender can supply), Copy of gift check,  Copy of deposit receipt.

 If Self employed:

If you own more than 25% of a business, Corporate or partnership tax returns for last two years             and Year-to-Date Profit and Loss Statement (The YTD profit and loss statements are not always required).

 If you own rental property:

Current rental agreements if rental income does not show on Federal Tax returns.

If you are retired:

  • Pension Award Letter.
  • Social Security Award Letter.

If you are counting child support as income:

  • Copy of divorce settlement.
  • Copy of twelve months of cancelled child support checks.

Debts:

  • A copy of mortgage statements for each mortgage you currently have.
  • Explanation of credit report anomalies, including:
  • Late payments, credit inquiries in the last 90 days, charge-offs, collections, judgments and/or liens.
  • Bankruptcy filed within last seven years (bring a copy of your bankruptcy papers).

 

VA Loans:            Copy of DD Form 214, Report of Separation.

 

Miscellaneous:

  • Photo ID and proof of Social Security number.
  • If applicable, a copy of your divorce decree (If you pay alimony or child support or if you are recently divorced.
  • If you are not a citizen, a copy of the front and back of your green card.

Please contact us to learn more about financing your home 1 (775) 831-7151