Thank you for your loan application!  In the course of the loan process, you will have to provide the underwriter with detailed documentation of your financial history.  Be prepared to provide the following paperwork to your loan officer and loan processor for relay to the underwriter:

• Clear copies of your driver’s licenses, state ID or passport
• 10 years of personal address history (This is only needed if it’s not already shown on the loan application.)
• Copies of checking and savings accounts statements for the past two months (We’ll need all pages and be prepared to explain and document any non-payroll bank deposits that exceed 25% of total monthly gross income but not less than 1000 dollars)
• Evidence of any other liquid or semi-liquid assets such as bonds, stocks, or money saved in retirement programs (i.e. 401k, Ira’s, mutual funds, pensions, B’s, etc. – I full statement on each)
• Recent paycheck stubs for each borrower (30 days’ worth)
• W-2 withholding forms and personal income tax returns for the past two years (all K1′s and 1099′s too if you get them).  In some cases, fewer than two years of tax returns are required.
• If any of your income was self-employed, we’ll need 2 years of business returns and a year-to-date profit and loss statement and balance sheet (from CPA or QuickBooks printout, signed and dated)
• Contact information for your preference of homeowners insurance agent
• Statements on mortgages that will not be paid off prior to closing
• Signed lending disclosures  (These are a compilation of disclosures, authorizations, notices and forms that the state government, federal government and iLoan feel you should have and will be provided by your loan officer and it’s important to get them signed and returned promptly because a loan can’t move to processing and underwriting without them)
• Document any gift funds, if applicable, in the following way:
  • get gift letter from donor (click here for gift letter)
  • get statement from the account the donor will be giving the gift funds from to show sufficient funds to cover the gift
  • get either a copy of the donor’s check and the borrower’s deposit slip or a copy of the donor’s withdrawal slip and the borrower’s deposit slip or screen shots showing the transfers from the donor’s account to the recipient’s account (making sure that each screen shot is identifiable to the donor, the donor’s account, the buyer and the buyer’s account)

• CFPB’s Settlement Cost Booklet - Shopping for Your Home Loan

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