CURRENT REAL ESTATE OWNED
- Property address and market value for each property
- Mortgage statement, homeowners insurance, property real estate tax bill and homeowner’s association bill
- Copies of leases on any rental property purchased within the year
- If you are converting your current residence to a rental property after the close of this loan, provide:
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- Signed copy of rental agreement showing monthly rent and a minimum 12 month term of lease
- Evidence of receipt of security deposit and/or first month’s rent if
INCOME DOCUMENTATION
- Consecutive pay stub(s) that cover a minimum of 30 days year-to-date earnings from all jobs
- W2s and/or 1099s for the most recent two years
- Signed complete Federal personal tax returns for most recent two years with all Schedules
- Signed complete Federal business tax returns for most recent two years, with all Schedules, when applicable
- Year-to-date profit and loss statement and balance sheet for self-employed borrowers
- Letter of explanation to address any gaps of employment over 30 days in the last 2 years
- If alimony and/or child support payments are to be considered for income, provide a copy of the divorce decree or court order along with documents showing evidence of receipt of payments for most recent 6 months and continuance for next 3 years
- For non-employed sources of income, provide pension statements, awards letters or other appropriate documentation to support income