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Requirements for the Loan Application |
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The following materials will be required to complete the mortgage application. Some of these items will be omitted based on your personal financial situation. |
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1) |
Original Pay Receipt for the last 30 days, including the year to date earnings. A copy of your signed offer letter stating your new salary, or your most recent Social Security, Retirement, or Disability check. |
2) |
Your most recent W2
When a person is paid on the form W-2, the employer automatically withholds and pays all of the necessary employee income taxes as required by the IRS. These taxes include: Federal Income Tax, State Income Tax, and FICA (Social Security and Medicare). In addition, the employer will pay all of the necessary employer taxes. These taxes include: FICA (Social Security and Medicare), FUTA (Federal Unemployment Tax), and SUI (State Unemployment Tax). |
for the last two years. |
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Your most recent tax returns for the last two years |
4) |
If self-employed, your most recent Income statement providing your profit or loss. Your 1099 statements for the past two years.
When a person is paid on the form, 1099-misc, all money earned by the individual is paid on an untaxed basis. It is then the responsibility of the individual to file and pay the appropriate taxes. These taxes can be owed to Federal, State and Local governments. Workers compensation and unemployment issues also must be addressed independently. |
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5) |
Bank statements for the last two months |
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6) |
Any further information regarding financial securities contained in a Brokerage or Trust Account is very helpful. |
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7) |
Any non-financial assets such as land that could serve as collateral for a loan. |
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8) |
A Debt Schedule outlining your total debts and cash flow required to service the debts. (For example: credit card debt, auto loan) Please include all debtor information including the name, contact information, account numbers, and balances. |
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9) |
Any other information that can affect your cash flow. Divorce, Alimony, Child Support, or any other court ordered financial action. |
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