Loan Document Checklist

Depends on your loan document type, lender might need different loan documents from you to support your loan processing. We used to have the following  loan documents type:

  • Verified Income Verified Asset ( Full Doc)

  • Stated Income Verified Asset (SIVA)

  • Stated Income Stated Asset (SISA)

  • No Ratio ( No calculation of Debt to Income Ratio)

  • No Doc ( No job verification)

For top to down of above list, the documents requirement is less and less but due to the risk is higher and higher from lender's aspect, the rate is normally higher and higher. Due to recent credit crisis, most lender now only offer Full Doc loans.

Documents checklist as follows,

For All loans, we need:

  • Print, fill & sign standard loan application and disclosure packages

  • Legal presence documents for non-US citizens like copy of front and back of Green card, H1 Visa etc.

  • Driver license copy of all owners on title 

  • Appraisal report (Either borrower or us will order it)

  • Title report (We will order it for refinance loan)

  • Diploma or transcript Copy for new graduates with less than 2 year job history

  • Divorce decree if necessary

For Purchase loan, we need:

  • Purchase contract signed by both seller & buyer

  • Buyer agent contact information

  • Title company contact information

  • Enough asset for down payment and monthly reserve

  • Verification of Rental (VOR) for 1st time home buyer if rent from professional managed companies or 12 month cancelled check of rent or bank statements to show 12 month rent payment history if rent from private landlords.

For Refinance loan, we need:

  • Most recent Mortgage statement for both 1st and 2nd loan. If has extra liens, need the lien info as well

  • If no HOA, copy of home fire insurance or insurance agent phone number
  • If has HOA, copy of most recent Master insurance policy or HOA statement or HOA contact info

For Verify Income Loan (Income must have been continued over 2years), we will need:

  • Verification of Employment  (Full Version VOE or Verbal Version VOE) for all borrowers from HR dept or Manager of employer
  • For W2 income borrower, we need:
    • copy of most recent 2year w2s & 1mth pay stubs (2 paychecks if paid bi-weekly or 4 checks if paid weekly)
  • For self-employee borrower, we need:
    • Signed 2 year tax return with all schedules
    • Year-to-Date Profit and Loss Statement prepared by an accountant or CPA
    • Copy of signed 2 year business license or CPA letter to certify 2 year self-employee history.
  • If Borrower use Rental income to qualify, we need:
    • Signed 2 year tax return with Schedule E and current Lease agreement
  • For retired borrower, we need:
    • Social Security Income letter or 12 month bank statements
    • Pension Income letter or 12 month bank statements
  • For Business Owner own over 25% ownership of a Business, we need:
    •  2 year Corporate or partnership tax return
  • For retired borrower, we need:
    • Social Security Income letter or 12 month bank statements
    • Pension Income letter or 12 month bank statements
  • For Business Owner own over 25% ownership of a Business, we need:
    •  2 year Corporate or partnership tax return
  • For borrower use Child support Income, lender will need:

    • Copy of divorce settlement

    • Copy of twelve months of cancelled child support checks

  • For Verify Asset loan, we will need:

  • All pages of 2 month  Asset statements (Bank, CD, 401k, IRA, insurance etc). Alternative documents can use Verification of Deposit (VOD). Any funds less than 2 month seasoned in your account need to show paper trail for source. Any large deposit (normally > $3500) need to show proof for legal source. Gift funds must show signed Gift Letter and paper trail of Gift Money Transfer such as copy of gift check & deposit receipt from borrower's account.
  • For borrower short of credit trade lines like credit card, lender might need alternative trade lines like:

    • 12 month Utility bills, phone bills, rents etc.

    Lender might need many other supplementary documents for your loan depends on each lender's different policy and requirements such as Verification of Mortgage (VOM), Letter of Explanation (LOE) etc to explanation any questions lender might have about your loan such as longer job gap, credit issues like: Late payments, credit inquiries in the last 90 days, charge-offs, collections, judgments and/or liens. For borrower with Bankruptcy filed within last seven years,  Lender might need a copy of your bankruptcy papers etc.

    Your loan agent and loan processor will go through the details with you and  help you fast collect loan documents and get your loan move forward. Any questions, please don't hesitate to Contact Us!