Culture Mortgage
831.325.6959                    QUESTIONS WELCOME, REFERENCES AVAILABLE, REFERRALS ACCEPTED.

Your Subtitle text

Supplemental Paperwork

Below you will find a list of the supplemental paperwork that the underwriter is likely to ask for. While every file is different there are certain documentation requirements that everyone will be required to meet for qualifying. This list can be used as a reference to collect the supplemental paperwork needed to submit your loan to underwriting, while not all fields may pertain to you, if you think the field would pertain to you and your situation, chances are it does.

Income: You will need to document your income for the past two years. Any income you make will need to be documented. If you make all your income as a W2 employee a copy of your W2s for the last two years along with paystubs covering the most recent month of earnings is usually sufficient. If you make additional income from any other sources or are a self employed individual, you will need to provide your complete tax returns with all pages and schedules.

Complete tax returns, W2s, and your most recent paystubs covering a one month history will typically satisfy income documentation requirements.

Assets: The assets you will be required to document will be determined by what you are trying to accomplish with the loan. Any and all funds required to close will have to be documented. If your loan approval requires reserves to qualify for the program you will have to document the reserve requirement. Finally any closing costs that you will be bringing cash to the table to pay for will need to be documented.

Acceptable asset documentation is any formal statement you receive from your bank or investment firm. Typically you will be required to document the last two months, sourcing any large deposits made during this time.

Acceptable assets include anything liquid: checking, savings, bonds, equity accounts, CDs, etc.... Retirement accounts can be used as assets but if you are before the age of retirement the lender will only accept seventy cents on the dollar to account for penalties and taxes incurred for early withdrawal.

Insurance: To secure financing you will need to secure proof of insurance. If you are refinancing your insurance declaration page should satisfy this requirement. If you are buying a new home, securing a quote from the insurance company you will be insuring the home through and putting them in contact with escrow to bind the policy at the close of escrow is common practice.

Identification: You will need to provide the lender with a valid form of identification, typically a driver's license, state id, military id, or passport are used to fulfill this requirement. If you are a permanent resident alien, you will need to provide a front and back copy of your resident alien card, in addition to your driver's license, state id, military id, or passport.

Letters of Explanation: There is always something that needs to be explained. Including sign letters of explanation with your initial submission will clue the underwriter in to things he may not have otherwise realized. Common letters of explanation are: credit inquiries and if any new debt was incurred, gift letters, employment letters, name discrepancy letters, etc... If it needs explaining, just write a short letter, sign, date, and provide it to your broker.

...........................................................................

Having an understanding of the documentation that will be required to secure a loan is important. This general list offers you a solid foundation. You should be able to collect and provide this paperwork when you apply for a loan. That said, all home loan files are unique, and there are likely to be a few specific conditions that you will face that may not be on this list.

If you have any questions, we welcome you to call. 

831.325.6959 

 

California Bureau of Real Estate License 01792241
NMLS License 523235


1649 Calavo Rd. Fallbrook, CA 92028
831.325.6959 Phone
866.321.5467 Fax
email@culturemortgage.com

Website Builder