Having your financial paperwork together and ready for submission with your application is the most important thing you can do to help expedite the loan process.
Unless you qualify for a reduced paperwork loan, most lenders will request copies of the following items from each applicant:
INCOME DOCUMENTS
For Salaried or Hourly Employment:
W-2's and/or 1099's from the previous 2 years
Paycheck stubs from the 2 most recent pay periods (showing year-to-date earnings)
Federal tax returns from the previous 2 years
For Self-Employment as Sole Proprietor:
Federal tax returns from the previous 2 years
Year-to-date Profit & Loss statement
For Self-Employment as a Corporation:
W-2's from the previous 2 years (if applicable)
Paycheck stubs from the 2 most recent pay periods (if applicable)
Form 1120 from the previous 2 years
Federal tax returns from the previous 2 years (including all schedules)
Year-to-date Profit & Loss statement
ASSET DOCUMENTS
3 months of statements from each banking account (checking, savings, money market, etc.)
2 recent statements for all investment accounts (stocks, bonds, IRA, 401K, etc.)
A signed and dated irrevocable gift letter (if you are receiving a money from family or friends)
Please note that the above list is a
standardized outline of required documents and that a lender may request
additional information as part of the underwriting process. The second most
important thing you can do to help expedite the loan process is to respond
promptly to any requests for additional information.
