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Items You Need When Applying For a Loan

Have These Items Ready When You Apply For a Loan

It used to be that lenders mailed out verifications to employers, banks, mortgage companies, and so on, in order to verify the data supplied by borrowers. Nowadays, the interest is often in speed and getting answers quickly so alternate documentation has become more widely used. Alternate documentation means that underwriting answers can be obtained with information supplied directly from the borrower instead of waiting around for verifications to come back in the mail.

The following is required for most standardized loans as part of alternate documentation processing. Items may differ according to whether your loan is a conforming (Fannie Mae or Freddie Mac), non-conforming (jumbo) loan, government loan, or a portfolio loan.

Verifications are still mailed out, but usually as part of quality control procedures.

These are the things you need to supply to your lender to get a quick approval using alternate documentation

Income Items

  • W2 forms for the last two years
  • Pay stubs covering a 30 day period
  • Federal tax returns (1040s) for the last two years, if:
    • you are self-employed
    • earn more than 25% of your income from commissions or bonuses
    • own rental property
    • or are in a career where you are likely to take non-reimbursed business expenses
  • Year-to-Date Profit and Loss Statement (for self employed)
  • Corporate or partnership tax returns (if applicable)
  • Pension Award letter (for retired individuals)
  • Social Security Award letters (for those on Social Security)

Asset Items

  • Bank statements for previous two months (sometimes three) on all accounts. All pages.
  • Statements for two months on all stocks, mutual funds, bonds, etc.
  • Copy of most recent 401K statement (or other retirement assets)
  • Explanations for any large deposits and source of those funds
  • Copy of HUD1 Settlement Statement on recent sales of homes
  • Copy of Estimated HUD1 Settlement Statement if a previous home is for sale, but not yet closed
  • Gift letter (if some of the funds come as a gift from a family member)
  • Gifts can also require:
    • Verification of donor’s ability to make the gift (bank statement)
    • Copy of the check used to make the gift
    • Copy of the deposit receipt showing the funds deposited into bank account or escrow

Credit Items

  • Landlord’s name, address, and phone number (for verification of rental)
  • Explanations for any of the following items that may appear on your credit report:
    • Late payments
    • Credit inquiries in the last 90 days
    • Charge-offs
    • Collections
    • Judgments
    • Liens
  • Copy of bankruptcy papers if you have filed bankruptcy within the last seven years

Other

  • Copy of purchase agreement (if you have already made an offer)
  • To document receipt of child support (if you desire to show it as income)
    • Copy of Divorce Settlement (to show the amount)
    • Copies of twelve months canceled checks to document actual receipt of fund

FHA Loans

  • Copy of Social Security Card (or other documentation of social security number)
  • Copy of Driver’s license

VA Loans

  • Copy of DD214

Refinances

  • Copy of Note on existing loan
  • Copy of HUD1 Settlement Statement on existing loan
  • Name, address, phone number, loan number of existing loan/lender
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Assist2Sell
Piele Realty LLC

Chris Piele | 720.628.2625
CPiele@WeBuySellColorado.com
2851 S. Parker Rd. Ste PH20
Aurora, CO 80014

Testimonials

We tried to sell our home in Aurora by ourselves to avoid the high commissions that all the realtors were asking for. Frankly the process was very draining on us, trying to do our own marketing, open houses and all the stuff that comes with selling a home. I received a letter from Chris Piele at Assist2Sell and after sitting down with him, we decided to hand the task of selling our home over to him. We chose Chris because of his knowledge of “old school” and current methods of selling homes. And we felt he had the negotiation skills necessary to assure we would get the most money possible out of our home. Chris and his team quickly took care of everything needed to get the home listed and marketed, then within a just couple of days the showings to prospective buyers came in very consistently. He managed to sell our home in just one week and for the price we wanted. And did all that for a flat fee versus the high commissions all the other agents wanted to list our home. Better yet, he found us a buyer who did not have an agent so we did not have to pay a buyer’s agent commission. Frankly, we were THRILLED. If you want to save a ton of money in selling your home, and you want to sell it without a lot of brain damage, then we strongly recommend Chris Piele and his team. David and Marie Galegor
Chris Piele and his Real Estate Team were great to work with.  He helped us purchase a home in Aurora, Colorado.  He and his staff were always professional and very helpful.  I would recommend him when you buy or sell your next home.  It was a very positive experience. I would use Chris Piele for my next real estate transaction. Ronnie and Drake Davis
It was a pleasure to work with Chris in the sale of my mother’s home. He took great care of us. Our situation was unique in that my mother doesn’t own a computer…she doesn’t even have an email address. We received a generous, above asking price offer. Chris literally drove across town to her house to hand deliver the offer, explain everything, and get a signature before the deadline. He saved us thousands of dollars in commissions and provided excellent service. Chris and his staff were prompt, pro-active, professional, and in constant communication with us through the entire process. Renae Powell
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