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Home Purchase – Loan Approval Checklist – Items Needed To Complete Loan Package – Self Employed
Home Purchase Loan ‐ Approval Checklist
Items Needed To Complete Loan Package – Self Employed (Work for Yourself)
1. Copy of the borrower(s) ‐ driver’s license(s) or passport(s), and copy of Social Security card(s). 2. Home address and employment history covering recent 24 months (for all qualifiers). 3. Name, address and phone number of current landlord or (Management Company) and previous landlord or Management Company covering the recent 24 months. 4. 2007 & 2008 1040’s, Federal tax returns, all schedules. (two previous years) No State Returns! 5. Year to Date – Profit and Loss Statement for the year you are applying for a mortgage loan. 6. Most recent pay stub(s) if you are working a 2nd Job as a W2 employee‐ covering 30 day period. 7. If there is additional W‐2 income, most recent W2’s for two previous years of income. 8. Copy of business licenses or Professional licenses covering a 2 years or more in business. 9. Copy of CPA letter detailing that you have been in business for 2 years or more. 10. If child support or alimony income is received or paid, divorce papers are required (all pages). 11. Two months most recent bank statements, all pages. If you provide online statements, they must contain your name, account number, date and all of the pages. If they do not include all of the info, submit what you have and order the statements from your bank. 12. Most recent asset statements for any of the following: stocks, bonds, etc. (all pages). If you provide online statements, they must contain your name, account number, date and all of the pages. If they do not include all of the info, submit what you have and order the statements from the institution. 13. Most recent 401k or retirement statements, all pages. If you provide online statements, they must contain your name, account number, date and all of the pages. If they do not include all of the info, submit what you have and order the statements from the institution. 14. Award letter for Social Security income received on a monthly basis from other borrowers, if needed. 15. Award letter for Disability Income which continues for 3 years or more from other borrowers, if needed. 16. Gift Letter from a family member if they are offering a gift to you for the purchase of a home. (Contact the loan officer for a sample “Gift Letter”) The list above is the content which a loan processor and mortgage loan company staff needs to get your mortgage loan approved. If you would like to get more information, you can visit this informative YouTube.com Channel:
YouTube.com/HomePurchaseTips
http://www.youtube.com/user/homepurchasetips#play/uploads/4/g1wBpFhkLts
About the Author: Steve Linnin: Real Estate Broker and Mortgage Lending Professional for over 20 Years. Location: Southern California YouTube.com/HomePurchaseTips … The videos that show you the way to purchase a home!