Income Documents Needed


Income & Assets

 

  • Pay stubs for the last 30 days.

For the past two years:

  • Names and addresses of each employer.
  • W-2s
    • Statements from any bank, mutual fund, and/or investment account for the prior three months (if you are using these funds for closing).

 

  • Tax return for the past 2 years. (ask if you need to submit these)

 

If you have made any large deposits to your accounts:

  • Explanation and source for deposit.
  • If large deposit was a gift:
  • Signed gift letter
  • Copy of gift check
  • Copy of deposit receipt

 

If you own more than 25% of a business:

  • Corporate or partnership tax returns.

 

If self-employed:

  • Tax returns for the last three years (with schedules).
  • Year-to-Date Profit and Loss Statement prepared by an accountant.

 

If you own rental property:

  • Tax returns for the last two years and current rental agreements.

 

If you are retired:

  • Pension Award Letter.

 

If you are a veteran:

  • DD214 and Certificate of Eligibility

 

If you receive Social Security:

  • Social Security Award Letter

 

If you are counting child support as income:

  • Copy of divorce settlement.
  • Copy of twelve months of cancelled child support checks.

Debts

  • Names, addresses, account numbers, balances and monthly payments on all current loans.
  • Explanation of credit report anomalies, including:
  • Late payments, credit inquiries in the last 90 days, charge-offs, collections, judgments and/or liens.
  • Bankruptcy filed within last seven years (bring a copy of your bankruptcy papers).

Any anomalies such as being off work for an extended period of time, reduction or increase in pay, etc may need to be explained. Don’t try to come up with something clever to explain an issue, the truth will be found out and it is best to address upfront and work to resolve it.

 

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