Income verification:
• Pay stubs for the last 30 days
• W-2 forms for the last two years
• Tax return for the last two years
• Child support/alimony — friend of the court printout or 12 months’ of cancelled checks*
• Awards letter for Social Security and 1099 for disability income
• When income is derived from rental property, commission, interest or other sources of income besides salary, tax returns may be required
Sources of funds/down payment:
• Bank statements for the last three months, including savings, checking and investment accounts
• Stock and securities account statements for the last three months
• HUD settlement statement if using funds from the sale of property
• Sale of asset — proof of ownership, proof of sale and proof of funds transfer
• For gift funds — a gift letter, evidence of transfer and sometimes evidence of withdrawal
If you are self-employed:
• Signed completed tax returns for the past two years, including personal, partnership and corporate if applicable; please include all schedules
• Business profit-and-loss statement year-to-date for current year if more than three months have passed since the end of the tax year
• Current balance sheet
• Copies of last two years of business license
Payment history:
• Cancelled rent or mortgage payment checks for past 12 months, if not
• available on credit report
• Copy of land contract, if applicable
• Child support/alimony
• Bankruptcy/Consumer Credit counseling proof, if received
Additional information, if applicable:
• Purchase agreement, including legal property descriptions and any addendum
• Divorce decree
• Explanation of discrepancies in credit
Alimony, child support or separate maintenance income need not be included if it’s not to be considered as income available to repay the loan. Child support or alimony income may be used if you received it for the past 12 months and it will continue for at least three years into the loan period.
