Hello there, thank you for the opportunity to serve you and become part of your home buying experience.
My team and I will do everything we can to make this process efficient for you. The most challenging part for you may be this initial part where you gather your paperwork for initial underwritting review.
Our goal is to make sure that loan approval and funding process is NOT something you need to worry about so you and your family can stay focused on the fun part of the homebuying experience.
Just know some items listed below may not apply to you so don't worry if you see something listed below that has no relevance to your specific situation.
This list of items may seem like a lot to gather initially but it's way better to set correct expectation for underwriting rather them setting it for us. ( Make sense? )
Please remember the faster you can return these documents and complete the online application the faster we can prepare options and hopefully issue the pre-approval letter!
If you need ANY help obtaining these documents or need more time to gather some, please send what you have now and I can assist in gathering the rest.
If you have any questions or have any difficulties sending any of the items listed please contact me directly at (916) 394-5856.
Here is a link to my website and near the bottom is my "Buyers Edge" packet. This packet is a great resource and will help you understand our more about the overall process of buying a home in 2017 and has some great do's and don't's listed. Please take ten and review.
Along with completing the loan application please send me the following :
- Copy of each borrower drivers' license or government issued photo ID.
- Copy of each borrower social security card.
- Each 1099 or W-2 for 2015 and 2016 for each applicant.
- Two most recent paycheck stubs from both applicants if applicable.
- Two most recent personal filed tax returns (Form 1040 ) - all schedules, all pages.
- Two most recent bank statements being used for down payment – ALL pages needed
- Just one most recent 401K/ IRA statement if being used for down payment or assets needs
- If you rent, we will need to verify last 12 months rent payments. ( cancelled checks are best along with name and # of landlord/property management firm)
- College Transcripts ( only if you have been in college in the last 24 months )
- Depending on your particular situation there may be additional items needed as we make progress.
Yes you can use your smart phone and e-mail me pics of your drivers license or social security card.
List of "If's" and housekeeping topics that may pertain to your loan & list of needed items.
PLEASE READ ALL THE WAY THROUGH:
Note: I may not need any of these items immeditaley but it's a good idea to open these conversations up-front rather than mid-process. If you see something here that strikes a chord, call me ASAP! Its better to dig in and structure the loan just once and drive it all the way through with ease.
Here we go:
If applying for a VA loan, please send in certificate of eligibility or DD214.
If you owed federal taxes for 2014 or 2015 or 2016, please show proof paid like cancelled check or online IRS printout. If you have any schedule-C deductions, Schedule-A 2106 deductions, non reimbursed employee expenses on your federal 1040, please note this and bring it to my attention so we can navigate accordingly. If you have LOCKED PDF's, please unlock and send them that way or send me the password in the email that contains the password protected PDF document. If you have had more than one job over past 2 years, please send me all W2s and list dates of employment on the loan application, title and who to call to verify employment. If you were a student over past 2 years and now have salaried employment, please send me your college transcripts covering the 2 year period. If you recently sold real estate or closed a cash out refinance in last 90 days, please send the closing statement from that transaction.
If self employed or you co-own >25% of a business, please send last 2 years filed business tax retuns, K-1s and YTD P&L and two most recent issued business licenses. If you have an IRA or 401K account that you wish to use for the down payment, please send me the "terms of withdrawal" from that exact account. If you have a pension or CA state awarded income as a your source(s) of income, please send me the "Award Letter". I need to demonstrate just 3 years continuance. For Social Security Income all I need is 2 most recent 1099s and the award letter. If selling a home prior to the close of escrow, please let me know and send me the fully executed contract and net sheet from escrow. If any divorces in last 10 years for either applicant, please send court stamped divorce decree. If any bankruptcies in last 7 years, please send final discharge and court filed petition. If you have had a recent job promotion, title change or even a new job opportunity you or any other applicant wishes to seek, please call me 1st. It's always best to communicate all income or debt changes!!! If we are qualifying using Alimony or Child Support Income, please call me, this one gets tricky depending whether VA, FHA or Conventional programs.
If you are using "GIFT FUNDS" as source of down payment, this is 100% fine but let me know so I can email you a blank gift letter to be completed by you and the donor/giftor. Let the donor know to send me/you a copy of their bank statement to show where the funds are coming from. During process, if you have an insurance agent you like to use, please send his or her contact info and get a quote for your new home then email or fax the quote document to me. If you have any court ordered payments, restitution, child support or alimony, please send a copy of the filed order. Last 2 months personal bank statements (all pages even if left blank) If either applicant has any large transfers or deposits into verified bank accounts and we are using these accounts to verify down payment etc., please source these deposits or transfers. Typically large transfers/deposits are anything over 25% of gross monthly income. Once escrow opens and your deposit check is cleared, I will need the transaction summary from that specific account showing the earnest money deposit check cleared your account. If you are using a bank statement to source the down payment and the OTHER person(s) on the statement are NOT on the loan application, please get a written letter from the non-borrowing joint bank account holder stating you have 100% access to the funds (list acct # on letter) AS FOR EMPLOYMENT, DON'T RESIGN DURING PROCESS, CALL ME!!!. I know that after reading this fine print, you are thinking "WOW, that a lot of stuff"...Your 100% right!! It is a lot to grasp. If you don't have a Scanner BUT have a decent smart phone or tablet, you can download a scaning app in the app store. I recommend "DOCSCAN" If you use this app, choose the PDF option when sending out docs.
Good news is that i`m very resourceful and I have solutions in most all of these topics. Just call me direct and I will assist in working through the hang-up !
Unintentionally, I sometimes I don't cover all facets of your financial life and how it applies to getting a home loan in 2017 so if I have confused you along the way, please call me. If there is something you think that will help or may hurt the tranaction, let me know ASAP. Let's talk about it now...
Lastly, on the E-Application; if the application calls for detailed info, do your best but I will call you to confirm and discuss verbally what was received on my side. Be as accurate as possible.
All documents can be faxed back, or scanned/emailed back. Rest assured that all my systems are secure and locked down so feel free to send your info via email or fax.
We look forward to working with you.