I see all kinds of documentation in your future my friend! Beware!
Today, as a LENDER, our crystal ball has no idea what it is doing! We rely on automated approvals to tell us exactly WHAT WE NEED from a customer, and even this isnt good enough, as an underwriter has complete discretion at ADDING ITEMS at any time! This stinks, but is a direct result of bad lending practices in the past!! However, there are quite a few basic items that you can tell your customer that they will need, in order to get pre-qualified, pre-approved or APPROVED for a loan! These items, in any market, are a constant!
1. Last 2 years w2's
2. Last 2 years tax returns (if self employed, or a investment property owner)
3. Last 2 paycheck stubs ( or 30 days of them, whichever applies)
4. Last 2 months bank statements *
5. Last 2 401k or Retirement account statements *
6. Name & Phone # of your Insurance Agent, or potential Insurance Agent
7. COMPLETE COPY of your divorce decree, including Child Support Order
8. COMPLETE COPY of your Bankruptcy Papers, including a copy of the discharge
9. Copy of any & all leases for all Investment Properties that are owned
10. Name & Phone # of your landlord if that applies
* = Important footnote - ALL PAGES are required, even if they have no numbers!
Now, I am SURE there are many questions you already have while reading this...like, what if I have a blah blah blah...so, here is a short list of additional items that are directly related to specific types of loans or situations!
1. If getting a VA Loan, it would be great if you could provide a copy of your DD214 form, and your COE!
2. If you are a NEW Investment property owner (within the last year), you SHOULD only need a copy of your lease agreements!
3. If you own Investment Properties, it would GREAT if you provided your lender with a breakdown of HOW MUCH the taxes & insurance are on each property, as well as WHO the insurance agent is as well!
4. Copy of your ID that is NOT EXPIRED!
5. If SELF EMPLOYED, we will need a copy of your business license, tax payer id certificate, and/or a copy of either your Articles of Incorporation, or other company LEGAL documents!
6. A direct contact person's name & phone# at your employer that both the lender & funder can utilize to verify your employment!
7. A copy of your HUD1 form from a previous sale or closing.
8. A copy of your Marital Settlement Agreement. (MSA)
9. Copies of your existing Mortgage and/or Home Equity statements.
10. Name & Phone # of the Condo Assocation
I am sure that there are several items I have left out, and I am hoping that our commentors will be happy to oblige me when they leave comments! This just goes to show you HOW IMPORTANT it is to work with someone who is experienced and knows that they are doing! Staying on top of the changes TODAY, is a FULL TIME JOB! Hope this helps both Consumers, Realtors, and Lenders alike!
As always, if you have any questions, please feel free to email me directly at Darin@osmwi.com
Or, call at 608-592-2227
Proudly serving the entire State of Wisconsin since 2003!
Feel free to also enjoy a couple of other applicable blogs!
Comments(18)