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Please also provide the following that apply to your scenario:
If you have made any deposits into your checking or savings account statements in the last 60 days that are NOT PAYROLL related, please
provide a short letter of explanation signed and dated by you stating where those deposits came from, and also provide a paper trail showing where the money came from and the deposit made from one account to another.
Property information (if your loan is a purchase and you have a contract)
- Provide a copy of the Purchase Agreement signed by all parties and all addendums, and your Realtor’s name and phone number.
- Provide a copy of your initial deposit check (front & back).
- If part of your downpayment or closing costs will be paid with gift funds, please provide a letter of explanation source withdrawal and deposit from where the funds came from along with a gift letter (provided by broker), signed by the person giving the gift, and a copy of the check and copy of the deposit receipt.
- If you are selling your home, provide a copy of the Listing Contract.
- If you recently have sold your home, provide a copy of the settlement statement (HUD-1).
If Self-Employed:
- Complete Business Tax Returns (1120′s including ALL pages and K-1s) if you own 25% or more of your company.
- A copy of your business license.
- A letter from your CPA stated you have been self employed for at least 2 years. Signed and dated by CPA
If you own rental property:
- Current rental or lease agreement on all properties signed by tenants.
If you are retired:
- Pension or Retirement Award Letter.
- If receiving Social Security, a copy of your Social Security award letter
If you are using child support or alimony income to qualify:
- Copy of Divorce settlement.
- Copy of 12 months cancelled child support or alimony checks.
If you want to are keeping an existing Equity Line or 2nd loan open:
- Please provide a copy of the Note & Deed of Trust for the equity line or 2nd loan.
- Send in a check payable to the existing lender who holds the note for their subordination fee. (Check with lender to find the subordination fee amount).
If your mortgage or bank accounts are held in a Trust
- Provide a copy of the trust. All Pages
If you have had any credit inquiries on your credit report in the last 120 days
(check your credit report once we pull it):
- Provide a short letter of explanation signed and dated by you stating what each inquiry was for, and if any new credit was established as a result of that inquiry.
If you have any derogatory payments on your credit report
(check your credit report once we pull it):
- Provide a short letter of explanation signed and dated by you stating why the account(s) was late.
If you plan to use money from your retirement account or 401k to for downpayment or closing costs:
- Provide a copy of the terms or withdrawal
If you plan to use “gift money” from someone toward your downpayment:
- Please have that person complete a gift letter (ask me), and have them provide the most recent statement from the account the money will come from, and be sure to paper trail the transfer on money from their account to yours.
There may be other information requested by the underwriter after we have submitted your loan, but proactively helping us obtain this information upfront will ensure your expectations are not only met, but exceeded.
Please fax all documentation to (408) 228-0768
or email pdf’s to Rich@RMILending.com
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