California home loans

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Documentation

The following documents are generally necessary to submit for the underwriting of a standard loan.  Keep in mind that for self- employed borrowers and for borrowers with income that is "difficult to document" there are stated loans available.  As a general rule, the less documentation provided, the higher the interest rate and the better the credit score must be to qualify.

Documents You Should Have Ready:

  Necessary for All Full Document Loans

1.

 

Complete and sign 3 or 4 page residential loan application Form 1003 and attached loan info sheet, credit authorization and fair lending notice. Page 4 of the application is a continuation page in case you need additional space for your assets or liabilities. If you make a mistake while filling out the application cross it out, and make a change. Do NOT use white out.

 

2.

 

 

If you are salaried: provide two years W-2 and one month of paystubs OR if you are self-employed: provide two years tax returns and a YTD profit and loss statement.

 

3.

 

 

If you own rental property, please provide rental agreements and two years tax returns.

 

4.

 

 

Provide three months bank statements for each bank, stock and mutual fund account.

 

5.

 

 

Provide recent copies of any stock brokerage or IRA/401K accounts that you may have.

 

6.

 

 

If you are requesting a cash out refinance please provide a letter explaining what you plan to do with the proceeds.

 

7.

 

Provide copy of divorce decree if applicable.

 

8.

 

 

If you are NOT a US citizen provide us with a copy of your green card (front & back), or if you are NOT a permanent resident provide us with your H-1 or L-1 visa.

 

9.

Credit Report Fees (if applicable)

10.

 

Appraisal Fees

 

Refinance or Second Mortgage

1.

Provide the Note, Copy of REC, Title Policy

2.

Payment coupon book

3.

Homeowners insurance papers

 

VA Borrowers

1.

 

VA eligibility Certificate

 

2.

 

DD214

 

  Commercial Loans

1.

Provide 2 Years financials on property

2.

Rent Roll (if Applicable)

3.

Color photographs (3) showing different views of the building

 

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The following will help you prepare and gather the necessary information.

Preparing For Your Loan Application

General Information

  • Full name, age and social security number.
  • Number and age of dependents.
  • Home addresses for the last three years.
  • Name, address and phone number for all employers during the last two years, including Human Resource location and phone number.
  • Make, year and value of all autos. If auto is less than four years old and it is owned free and clear, a copy of the ownership certificate is required.
  • Account numbers, balances and minimum payments for all revolving and installment debts.
  • If you own real estate, you will need to provide name, address, account number, payment (including taxes and insurance) and balance for all mortgages.
  • If you currently rent, you will need to provide the name, address and phone number for your landlord of the last 12 months.

Documentation - Income

  • If salaried employee:
    • W-2's for the most recent 2 years.
    • Most recent 30 days of pay stubs.
  • If self-employed (sole proprietor), salesperson, income from investments:
    • Most recent 2 years of federal income tax return - ALL PAGES AND SCHEDULES.
  • Businesses and independent contractors need a year to date profit/loss statement and balance sheet through the most recent quarter.
  • Salespersons that deduct expenses need a year to date expense statement.
  • If self-employed (partnership):
  • Year to date profit/loss and balance sheet for the partnership through the most recent quarter.
  • Most recent 2 years federal tax returns for both individual (1040) and partnership (1065).
  • If owner of a corporation, corporate returns (1120) will be required. Year to date profit/loss and balance sheet for the corporation.
  • OTHER INCOME SSI, Retirement, Pension, Disability - Copy of award letter and recent checks or check stubs (if direct deposit) then a copy of your bank statements.
  • Child Support/Alimony - Twelve months canceled checks (front and back) or statement from DA that payments have been made for 12 consecutive months. Rental Income - Copy of rental agreements. Note Income - Copy of note.
  • Interest/Dividend - Copy of recent statements showing year to date earnings.

Documentation - Assets

  • Liquid Assets - Copies of most recent bank statements for the last three months for all checking, savings, money market, stock accounts, etc., ALL PAGES. If you receive quarterly statements, your most recent quarterly statement will do. For CDís, a copy of the certificate is acceptable.
  • IRAís, 401Kís, Other Retirement - Your most recent quarterly statement will suffice.
  • Gifts - If you are receiving a gift as all or part of your down payment and costs, you will need to have a gift letter signed by the donor (we have a form you can use). You will need a copy of the gift check and a copy of the deposit slip from your bank teller showing you deposited the funds into your account.
  • Secured Loans - If you are borrowing money for the down payment and costs, the loan must be secured. You will need to provide documentation verifying the security for the loan and the amount of the payment. A copy of the check is also necessary.
  • Cashing in Securities - If you are cashing in securities, you will need documentation on the amount cashed in and a copy of the check when funds are received. If you are cashing in an IRA or other type of retirement account, you will need to provide verification of the net amount received after taxes and penalties.
  • Selling Assets - If you are selling assets, you will need to use a bill of sale and provide us with a copy along with a copy of the check you receive. If it is an auto, a copy of the DMV transfer will suffice in lieu of the bill of sale.

Documentation - Liabilities

  • If the minimum payment of any revolving account is less than 5% of the balance, provide a copy of the last statement.
  • If obligated to pay alimony or child support, you will need to provide copies of your divorce documents.

Documentation - Other

  • Complete bankruptcy papers, if applicable.
  • For FHA loans, copies of your current driverís license and social security card.
  • For VA loans, your original Certificate of Eligibility and a copy of your DD-214 or Statement of Service if still on active duty.
  • If you have graduated within the last 2 years, a copy of your degree or transcripts.
  • If you have been divorced, complete copies of your divorce papers are required. If you are separated, a separation agreement is required along with a quitclaim deed from your spouse.

The appraisal and credit report fees are paid at the time of application. Please contact us for the exact amount as they will vary depending upon the type of loan.

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