What Documents will I need to get a Loan?
The first step in getting a loan is filling out the loan application. Once that is complete, you’ll have a better idea of how much documentation is required from the borrower. This ranges from very little documentation to detailed information on their employment and credit histories. A good list to start with includes:
Verification of Income/Employment
- Previous years W-2s or pay stubs/Social Security or retirement award letter/Self-employed borrower information (usually a form provided by the lender)
- For other income, a one-year history of receipt with evidence of three years continuance
- A copy of the fully executed divorce decree
- Evidence of 1 full year receipt of payments
Assets
- Two most recent statements of asset account – all pages (savings, retirement, etc.)
- Gift letter and supporting forms
Obligations
- List all debts, including monthly payment and outstanding balance
- Copy of the fully executed divorce decree-indicating amount of child support, alimony or separate maintenance payments.
Purchase Agreement
- Copy of the fully executed purchase contract
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