It used to be that lenders mailed out verifications to employers, banks, mortgage companies, and so on, in order to verify the data supplied by borrowers. Nowadays, the interest is often in speed and getting answers quickly so alternate documentation has become more widely used. Alternate documentation means that underwriting answers can be obtained with information supplied directly from the borrower instead of waiting around for verifications to come back in the mail.
The following is required for most standardized loans as part of alternate documentation processing. Items may differ according to whether your loan is a conforming (Fannie Mae or Freddie Mac), non-conforming (jumbo) loan, government loan, or a portfolio loan.
Verifications are still mailed out, but usually as part of quality control procedures.
These are the things you need to supply to your lender to get a quick approval using alternate documentation
W2 forms for the last two years
Pay stubs covering a 30 day period
Federal tax returns (1040s) for the last two years, if:
you are self-employed
earn more than 25% of your income from commissions or bonuses
own rental property
or are in a career where you are likely to take non-reimbursed business expenses
Year-to-Date Profit and Loss Statement (for self employed)
Corporate or partnership tax returns (if applicable)
Pension Award letter (for retired individuals)
Social Security Award letters (for those on Social Security)
Bank statements for previous two months (sometimes three) on all accounts. All pages.
Statements for two months on all stocks, mutual funds, bonds, etc.
Copy of most recent 401K statement (or other retirement assets)
Explanations for any large deposits and source of those funds
Copy of HUD1 Settlement Statement on recent sales of homes
Copy of Estimated HUD1 Settlement Statement if a previous home is for sale, but not yet closed
Gift letter (if some of the funds come as a gift from a family member)
Gifts can also require:
Verification of donor’s ability to make the gift (bank statement)
Copy of the check used to make the gift
Copy of the deposit receipt showing the funds deposited into bank account or escrow
Landlord’s name, address, and phone number (for verification of rental)
Explanations for any of the following items that may appear on your credit report:
Credit inquiries in the last 90 days
Copy of bankruptcy papers if you have filed bankruptcy within the last seven years
Copy of purchase agreement (if you have already made an offer)
To document receipt of child support (if you desire to show it as income)
Copy of Divorce Settlement (to show the amount)
Copies of twelve months canceled checks to document actual receipt of fund
Copy of Social Security Card (or other documentation of social security number)
Copy of Driver’s license
Copy of DD214
Copy of Note on existing loan
Copy of HUD1 Settlement Statement on existing loan
Name, address, phone number, loan number of existing loan/lender
FREE AUTOMATED EMAIL UPDATES
Sign in to take advantage of all this site has to offer. Save your favorite listings and searches – also receive email updates when listings you like come on the market for free! *Contact Information is NOT Shared*
Barbara Jenness, ABR, e-PRO, GRI, TRC is a proud member of the ActiveRain Real Estate Network, a free online community to help real estate professionals grow their business.
My real estate in St. Augustine Barbara B. Jenness, P.A.
Promote Your Page Too
Providing a superior level of informed, professional real estate services to buyers and sellers in the coastal areas of Northeast Florida including St. Johns County (Ponte Vedra, St. Augustine, St. Augustine Beach, Vilano Beach, Porpoise Point, Crescent Beach), Duval County (Jacksonville Beach, Atlantic Beach, Neptune Beach), golf course & gated communities (Turtle Shores, Marsh Creek, Palencia & World Golf Village), the St. Johns River areas of Fruit Cove, Mandarin, Orangedale, & Palatka including foreclosures.
Barbara B. Jenness, P.A., Licensed Real Estate Broker
Materials and images on this website MAY NOT BE COPIED without my permission.
Copyright 2019 Northeast Florida Multiple Listing Service, Inc. All rights reserved. The data relating to real estate for sale on this web site comes in part from the Internet Data Exchange (IDX) program of the Northeast Florida Multiple Listing Service, Inc. Real estate listings held by brokerage firms other than Barbara B. Jenness, P.A. are marked with the listing brokers name and detailed information about such listings includes the name of the listing brokers. Data provided is deemed reliable but is not guaranteed. Barbara B. Jenness, P.A. does not display the entire Northeast Florida Multiple Listing Service, Inc. data exchange program database on this web site. The listings of some real estate brokerage firms have been excluded. Last updated on 2019-05-19.
Any use of search facilities of data on the site, other than by a consumer looking to buy, sell or lease real estate is
prohibited. Based on information from Northeast Florida Multiple Listing Service, Inc that was updated on 2019-05-19. The Corporation does not guarantee and is not in any way responsible for, its accuracy. Data maintained by Northeast Florida Multiple Listing Service, Inc. does not reflect all real
estate activity in the market.