Reduced Documentation Loans

November 23, 2009 by Rob Spring · Leave a Comment 

For all Reduced or Low Documentation loans

Social Security Number, for borrower and co-borrower if any
Employment History
For the last two years, employment dates, addresses, “stated” salary
(income must be deemed “reasonable” by the underwriter)
Liabilities and Other Non-Mortgage Debt
Creditors names, addresses, account numbers
Monthly payments and balances

Other income information you may need

If you’re self-employed
A letter signed by your CPA, indicating what type [...]

What Documentation Will I Need for My Loan?

November 23, 2009 by Rob Spring · Leave a Comment 

For all Full/Alt Documentation Loans (an overwhelming majority of loans)

Social Security Number, for borrower and co-borrower if any
Employment History
For the last two years, employment dates, addresses, salary.
Current pay stubs or W-2 forms.
Check and Savings Accounts and Certificates of Deposit
Location of bank accounts, account numbers and balances;
Address of bank if out of town
Last 3 months’ statements
Stocks, [...]