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 but it’s best to just get two years together.
- 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)
- Evidence of Funds – Either a statement showing the donors funds, generally this would be an account statement, a printout from the internet, a print out from a banker, or a letter from a banker. If a statement it must have all pages even if they are intentionally left blank or otherwise useless. If an internet printout it must identify it’s the donor’s account and have a portion of the account number, some internet printouts do not have that. If it’s a bank printout then it should be signed and stamped by the teller. If it’s a letter from the banker it must be on letter head and be specific. If you go this route please ask me to help.
- Evidence of Funds transfer / withdrawal from donor’s account – Proof that the donor gave you the funds with a full paper trail (copy of a cashier’s check from the institution the donor is gifting from (i.e. Wells Fargo, Merrill Lynch) or proof of the wire transfer from the donor’s account to yours. If you wire transfer then an internet printout or bank teller printout from the donor’s account after the transfer will satisfy both 1 & 2, if a check the printout after the donor withdrew the funds for the cashier’s check. Note: if it’s a bank or internet printout then we can just have it go back 60 days from the withdrawal date and it would satisfy Evidence of Funds from above.
- Evidence of Receipt of Transfer of Funds – Proof from you that you received the funds. Generally this would be proof you deposited the funds and your balance after the deposit. If it’s a check, then we would need a copy of the check, its deposit slip, and then a printout of your account showing the funds. If it’s a wire or a transfer the from your account printout showing the funds hitting your account from the donor’s institution should have all the information we need. The printout from your account must go back at least to the closing date of the last statement you gave us. This printout should also show the total cash needed to close if you are also bringing money to closing. In some cases you do not need to deposit the check and can just bring it to closing. If we are within 2 weeks of closing please call me on this so we can verify if depositing the funds is necessary.
Once we’ve started working on the loan application, you’ll get a documentation request through a newly created Online Loan Center. It is a personalized, password-protected site that provides you with 24-hour access to information and requests related to your loan application. You can securely upload your loan documentation to this site. Some of the documentation request will have customized upload buttons but if you run out of upload buttons for the required loan documentation there will always be a document upload button at the bottom of your online loan center for any trailing documents.
Here’s a list of what you’ll be able to do at your Online Loan Center:
- view the status of your loan
- receive requests for documentation
- securely upload documentation
- electronically sign lending disclosures
- print or save lending disclosures
- securely upload singed lending disclosures
- generate fax cover sheets specific to your loan to be sent with disclosures and/or loan documentation
If you ever need to access your online loan center, you can do that here: https://www.secure-loancenter.com/MyAccount/AccountLogin.aspx. Should you ever forget your password, you can get it sent to you by going to https://www.secure-loancenter.com/MyAccount/ForgotPassword.aspx.
For more information on the financing and home buying process, you can review the CFPB’s Your Home Loan Toolkit, our Homebuyer’s Timeline page or enroll in DoorSteps for go-at-your-own pace online learning.
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