Buying A New Home Dallas, Fort Worth, Southlake, Colleyville, Keller, Texas

All Borrowers

Copies of W-2’s for last two years.

Copies of paycheck stubs for last 30 days (most current).

Copies of checking and saving account statements for last three months (all pages).

Copies of quarterly or semi-annual statements for checking, savings, IRA’s CD’s, money market funds, stock, 401K, Profit Sharing etc.

Copy of sales contract when executed.

Employment history last two years (address any gaps of employment).

Residency history last two years with name, phone number, address and account number of Landlord or Mortgage Company. Rental property copies of leases plus mortgage information.

Canceled earnest money check when it clears or corresponding bank statement, if applicable.

Commissioned or bonused income, if 25% or more of base, must have tax returns.

Check for the expense of appraisal & credit report.

Refinance Copy of Note, Deed of Trust, Settlement Statement, Survey.

Any assets used for down payment, closing cost and cash reserves must be documented by a paper trail.

If paid off mortgage in the last 2 years, need copies of HUD-1.

Self-employed Borrowers

Copies of most resent 2 year tax returns (with all schedules including k-1’s if applicable).

Copy of current profit & loss statement and balance sheet.

Copy of corporate/partnership tax returns for most recent 2 year period if owning 25% or more of company - copies of W-2’s and/or 1099 forms.

Documents Which May Be Required

Relocation Agreement if move is financed by employer, i.e., buyout agreement plus documentation outlining company paid closing costs benefits.

Previous bankruptcy, need copies of petition for bankruptcy and discharge, including supporting schedule Divorce Decree, if applicable.

Documentation of supporting moneys received from social security/retirement trust income, i.e., copies of direct deposit bank statements, awards letter, evidence income will continue.

Documents Needed For FHA/VA Loans

FHA - Copy of social security card and drivers license for each applicant and co-applicant.

VA - Original Certificate of Eligibility and copy of DD214 Discharge Paper.

VA - Name and address of nearest living relative.

Liens, garnishments, etc., that are recent may indicate an unstable borrower. Any judgments, garnishments, or liens must be paid in full, and a clear credit report supplement or other evidence from the creditor in paid receipt form and proof that the judgment, garnishment or lien has been cleared must be obtained prior to closing. IRS tax liens must also be paid in full as outlined above. Standard property tax liens, which are not yet due and payable, do not have to be evidenced as paid in full. A satisfactory letter of explanation from the borrower is required.

Because of the seriousness of the delinquency/default, which in many states can cause incarceration, the child support payments must be brought current, and specific documentation evidencing the fact must be in the file-NO EXCEPTIONS! There must be evidence from the credit-reporting agency that the payments have been brought current. A letter from the court or the legal authority responsible for collection in the city/state (e.g. district attorney, sheriff, etc.) is acceptable. A letter from an ex-spouse and copies of personal checks are not acceptable, nor is an agreed upon, but not yet completed, payment plan.