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Wm. T. Follis, LLC, Realtors
Bellingham, WA 98225
Phone: 360-734-5850
info@follisrealtors.com

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Items You Need When Applying For a Loan

Have These Items Ready When You Apply For a Loan

It used to be that lenders mailed out verifications to employers, banks, mortgage companies, and so on, in order to verify the data supplied by borrowers. Nowadays, the interest is often in speed and getting answers quickly so alternate documentation has become more widely used. Alternate documentation means that underwriting answers can be obtained with information supplied directly from the borrower instead of waiting around for verifications to come back in the mail.

The following is required for most standardized loans as part of alternate documentation processing. Items may differ according to whether your loan is a conforming (Fannie Mae or Freddie Mac), non-conforming (jumbo) loan, government loan, or a portfolio loan.

Verifications are still mailed out, but usually as part of quality control procedures.

These are the things you need to supply to your lender to get a quick approval using alternate documentation

Income Items

  • W2 forms for the last two years
  • Pay stubs covering a 30 day period
  • Federal tax returns (1040s) for the last two years, if:
    • you are self-employed
    • earn more than 25% of your income from commissions or bonuses
    • own rental property
    • or are in a career where you are likely to take non-reimbursed business expenses
  • Year-to-Date Profit and Loss Statement (for self employed)
  • Corporate or partnership tax returns (if applicable)
  • Pension Award letter (for retired individuals)
  • Social Security Award letters (for those on Social Security)

Asset Items

  • Bank statements for previous two months (sometimes three) on all accounts. All pages.
  • Statements for two months on all stocks, mutual funds, bonds, etc.
  • Copy of most recent 401K statement (or other retirement assets)
  • Explanations for any large deposits and source of those funds
  • Copy of HUD1 Settlement Statement on recent sales of homes
  • Copy of Estimated HUD1 Settlement Statement if a previous home is for sale, but not yet closed
  • Gift letter (if some of the funds come as a gift from a family member)
  • Gifts can also require:
    • Verification of donor’s ability to make the gift (bank statement)
    • Copy of the check used to make the gift
    • Copy of the deposit receipt showing the funds deposited into bank account or escrow

Credit Items

  • Landlord’s name, address, and phone number (for verification of rental)
  • Explanations for any of the following items that may appear on your credit report:
    • Late payments
    • Credit inquiries in the last 90 days
    • Charge-offs
    • Collections
    • Judgments
    • Liens
  • Copy of bankruptcy papers if you have filed bankruptcy within the last seven years

Other

  • Copy of purchase agreement (if you have already made an offer)
  • To document receipt of child support (if you desire to show it as income)
    • Copy of Divorce Settlement (to show the amount)
    • Copies of twelve months canceled checks to document actual receipt of fund

FHA Loans

  • Copy of Social Security Card (or other documentation of social security number)
  • Copy of Driver’s license

VA Loans

  • Copy of DD214

Refinances

  • Copy of Note on existing loan
  • Copy of HUD1 Settlement Statement on existing loan
  • Name, address, phone number, loan number of existing loan/lender
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Testimonials

Dear Kerry, Thanks for all your help and concern during the “from hell” house transactions! I also appreciate your contribution (reduced commission). It allowed me to get into this house. It’s nice to be settled and away from that isolated spot, which was great living there but terrible, alone. Merry Christmas Vicki
Thank you to Bruce Boyle for making my house selling experience so positive. Bruce went the extra mile on several occasions to assure my total satisfaction at each turn. I was kept informed of every development and included in every decision. Documents were made available for review and signature online and in person. He even stayed in the office during a blizzard to accommodate my availability to drop off paperwork and complete the numerous forms. Bruce was professional, helpful and thorough. There were no surprises and the sale closed on time at the full price. My thanks again to Bruce Boyle and the entire team at Follis Realtors. Sincerely, Dave
Jeff, we would have never found this wonderful place without you, and we didn’t have a clue as to how to buy. We owe it all to you. Thanks. Janis & Loren
Jeff Sawyer manages a rental property for me and has always taken care of all items that have come up in a timely manner. I appreciate the job he does for me and my renters do too. Michael
Jeff Sawyer has been my property manager for about 11 years. He does all the ads for new tenants; collects all rent, pays all utilities, takes care of all repairs; supplies with monthly and year end statements, etc. I would highly recommend Jeff for all phases of property management along with all real estate dealings. Brian
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