I have recently eluded to the changes that have affected the mortgage industry and the detrimental affects that is has had on mortgage qualification process. Borrowers are increasingly becoming more frustrated with the mortgage process and eventually unhappy with their purchase transaction. Below is a detailed list of items that most if not all mortgage lenders are now requiring for underwriting. All items are intended for all borrowers when obtaining financing.
INCOME DOCS
Most current 30 days pay stubs
Most recent 2 years all w-2's and 1099's if applicable
Most recent 2 years signed 1040 federal tax returns
ASSET DOCS
Most recent 2 months bank statements proving assets to close (all pages regardless if blank)
Proof that earnest deposit has cleared if applicable
ASSET GIFT DOCS
Signed asset gift letter if applicable
Proof assets available to gift by most recent giftors bank statement if applicable
Proof gift transferred from giftors account to borrowers account or escrow account if applicable
DIVORCE DECREE
Divorce Decree or child support court order if applicable
Most recent 3 months proof of child support deposits if applicable
CREDIT DOCS
Letter of explanation for any adverse credit in the past 2 years
Letter of explanation for any credit inquiries in the past 120 days
Letter of explanation for all primary addresses used in the past 2 years not on application
Remove the words"DISPUTE"on any disputed items on credit report
CURRENT REAL ESTATE OWNED
Current mortgage statement for each property if applicable
If free and clear or not escrowed, provide current property tax and insurance statements
GENERAL DOCS
Clear copy of driver's license
Provide new property insurance contact information
It is to be noted, that some of the above requirements may introduce even new conditions once they have been reviewed by the lender.
TheMortgageJockey
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