LowVARates is not affiliated with any government agencies, including the VA, FHA, or the HUD. VA lender ID #9797520000.

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 the application. Here is a checklist of What We'll Need.
It is important to provide the documents needed for your loan to go forward. This helps us to avoid surprises & frustration.
We only require the documents if they apply to you.

INCOME

 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)

ASSETS

 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

MORTGAGE HISTORY/RENTAL

 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)

EMPLOYMENT

 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

INVESTMENT PROPERTIES

 If property not on previous year tax return provide signed lease agreements showing address, tenant, monthly payment, expiration date all properties currently leased

IDENTIFICATION

 Social Security Card & valid driver's license - legible, all borrowers

 Resident Alien Card with two years remaining or provide renewal

PROPERTY

 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).