In general, the documentation you will need includes:
Credit/Debit card info or M.O./Cashiers Check for appraisal fee (usually $400 on a 1 family or condo, 2Fam $450, 3Fam $500, and 4Fam $550.)(Slightly higher for FHA loans)
Property Information (if you already have a contract on a house)
Purchase Agreement or Contract.
Copy of Cancelled or certified down payment made at contract with proof of withdrawel. If a source of your downpayment is a gift we will need the gift funds verified in both the donors and recipient's accounts. Some programs may not allow all guft funds so make sure to inquire beforehand with our office.
If you are selling your current home, copy of listing contract.
If you have sold your current home, copy of settlement statement (HUD-1).
Income & Assets
Pay stubs for the last 30 days.
For the past two years:
If you have income from commission, partnership, rental properties, trusts etc. we may ask you for last two year 1040 tax returns with all schedules.
W-2s
Statements for each bank, mutual fund, stocks, IRA/401K, life insurance cash value, and/or investment account(s) for the last two months or most recent quarter whichever is applicable. (All pages)
If you have made any large deposits to your accounts in the last 60 days:
Explanation and source for deposit.
If large deposit was a gift:
Signed gift letter (lender can supply).
Copy of gift check.
Copy of deposit receipt.
If you own more than 25% of a business:
Corporate or partnership tax returns.
If self-employed:
Tax returns for the last two years (with schedules).
Year-to-Date Profit and Loss Statement prepared by an accountant may be required.
If you own rental property:
Tax returns for the last two years and current rental agreements.
If you are retired:
Pension Award Letter.
If you receive Social Security:
Social Security Award Letter.
If you are counting child support as income:
Copy of divorce settlement.
Copy of last three months of cancelled child support checks or statements. (We may require more proof)
Debts
Explanation of credit report anomalies, including:
Late payments, credit inquiries in the last 90 days, charge-offs, collections, judgments and/or liens.
Bankruptcy filed within last seven years (bring a copy of your bankruptcy papers including the discharge).
Copy of the declaration page from your current homeowners insurance policy.
Miscellaneous
Photo ID and proof of Social Security number.
If you currently rent we need the name, address and phone number of landlord(s) for the past 12 months.
If applicable, a copy of your divorce decree.
If you are not a citizen, a copy of the front and back of your green card.
Marc Preger @ Fairmont Funding, Ltd. 3606 Quentin Rd [Between E.36 & E.37th St. in Marine Park.] Brooklyn, NY 11234
