What We'll Need
To get you qualified for a home loan we will complete the loan application with you. The loan application provides a summary of the borrower's qualifications. We will then need documents to confirm the information disclosed on your loan application. Here is the baisc checklist of What We'll Need.
It is important to provide the documents needed for your loan promptly. This helps us to avoid confirm your qualifications and avoid potential surprises and frustration.
We only require the documents if they apply to your situation.
W2s, 1099s for previous two years
2 most recent tax returns all pages, all schedules (1040’s, etc.)
2 most recent pay stub(s) covering one month period (must show year-to-date earnings)
Retirement, disability and social security income provide current award letter(s) for all w/ bank statement showing income deposited
Alimony and/or child support provide final divorce decree with all schedules & 3 most recent bank statements showing payment received
Official most recent 3 months Bank statement all pages evidencing receipt of payment
Interest or dividends provide previous 2 years 1099 forms & current account statement showing funds in the same account as last reported on a tax return
Rental income provide most recent tax return must show profit/ loss, Current lease agreement if a property, not on a tax return.
Any “OTHER” income provide award letter or verification type documentation showing 2-year history. Must evidence income will continue for 3 years after closing.
SELF-EMPLOYED (25%+ OWNERSHIP) OR 1099
Last 2 years Business tax return(s) all schedules, all pages
Year-to-date profit and loss (P&L) statement
CPA letter or contact information for verification of business as operational
Current business license (covering 2 year period if possible)
Checking/ Savings/ 401 (k), Liquid Assets 2 most recent months statements all pages, all accounts (if joint account provide joint use authorization)
If withdrawing funds from an account (401K) provide terms of withdrawal & repayment
Gift funds provide gift letter from donor, a statement from donor’s account showing funds available, copy of check payable to a borrower, & evidence of deposit into borrower’s account
Large Deposits / Abnormal activity provide signed explanation letter & document where the deposit was from & provide supporting documentation
Landlord contact information for previous two years and 12 months cancelled checks
Mortgage account statements for all mortgages showing taxes & insurance “escrowed” and HOA bill(s)
For all accounts not showing taxes & insurance as escrowed provide a most recent insurance declarations page & tax bill showing annual amounts due
HOA statements for all properties with HOA's showing minimum payment due & frequency of payment
Mortgage NOTE and Line of Credit Agreement (subject property only)
Employer HR contact information for previous two years all borrowers
If an employer uses theworknumber.com to verify employment provide company ID, employee ID, & salary key
If property not on previous year tax return provide signed lease agreements showing address, tenant, monthly payment, expiration date all properties currently leased
Social Security Card & valid driver's license - legible, all borrowers
Resident Alien Card with two years remaining or provide renewal
Home Insurance Agent contact information for the selected provider
Real Estate Agent contact information (if a purchase)
SPECIAL CIRCUMSTANCE DOCUMENTS
Bankruptcy/ Divorce provide divorce decree/ discharge with all pages, all schedules (showing debts/alimony & child support)
Student Loans provide evidence of enrollment, statements all accounts showing loans deferred for more than 12 months after mortgage loan closing include terms of deferment
Condo/ Townhome property provides the name of home owner’s association & name of the condo or development
Extension of tax return filing - provide a copy of the filed extension & evidence amounts due paid.
Letter explaining the reason for taking cash out (if refinance) or for a purchase of a new home
Marriage Certificate if the name changed
DD 214 or other VA eligibility related papers
If paying off non-mortgage accounts - provide a current statement showing due date & balance.
We do not require any of these documents to produce a Loan Estimate (LE).
© 2023 Low VA Rates, LLC™ d/b/a Garett Law Mortgage.
Low VA Rates, LLC is not affiliated with any U.S. Government Agency nor do we represent any of them. Corporate Address: 384 South 400 West, Suite 100, Lindon, UT 84042, 801-341-7000. VA ID 979752000 FHA ID 00206 Alaska Mortgage Broker/Lender License No. AK-1109426; Arizona Mortgage Banker License #0926340; California DBO Finance Lenders Law License #603L038; Licensed by the Delaware State Banking Commission License #018115; Georgia Residential Mortgage Licensee License #40217; Illinois Residential Mortgage License #MB.6761021; Licensed by the New Jersey Department of Banking and Insurance, Ohio Mortgage Loan Act Certificate of Registration #SM.501937.000; Oregon Mortgage Lending License # ML-5266; Rhode Island Licensed Mortgage Lender License #20143026LL; Texas License LOCATED at 201 S Lakeline Blvd., Ste 901, Cedar Park, TX 78613; EAH061020 NMLS ID# 1109426 NMLS Consumer Access www.nmlsconsumeraccess.org.
Information. Consumer's total finance charges may be higher over the life of the loan.
Consumer NMLS Access - NMLS #1109426. NMLS#: 20750, Branch NMLS#: 1338334.
TEXAS MORTGAGE COMPANY DISCLOSURE: "CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A COMPANY OR A RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550. THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF LICENSED RESIDENTIALMORTGAGE LOAN ORIGINATORS. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV."
*Annual savings calculator based on 2015 monthly average savings extrapolated year-to-date.