Application Info
Typically it’s best to complete a loan application, and your BWC Mortgage Consultant will advise you as to needed documentation. Follows is a list of typical documentation requirements if you apply for a full doc loan. Many loan programs exist that require less information, so consult with your BWC expert.
- Employment History
- For the last two years, employment dates, addresses, income.
- Last two pay stubs and the last two years W-2 forms.
- If you are Retired, provide a copy of your pension award letter and evidence of receipt of monthly pension check.
- If you receive Social Security, provide a copy of your Social Security Award Letter and evidence of receipt of monthly check.
- Bank account information
- Including account numbers and balances, for checking, savings, and stock/investment accounts.
- Provide the last three months' statements or copies of stock certificates.
- Life Insurance Policies
- Insurance company, policy number, face amount, cash value, if any.
- Retirement Plan
- Approximate vested interest value, and provide a copy of latest statement.
- Automobiles
- Make and model of automobiles, their resale value.
- Other Assets
- Market value of personal and household property.
- Other income information you may need
- If you're self-employed:
- Two years tax returns, both company and personal if separate (federal returns only).
- If you have income from following, you'll need two years' personal federal tax returns.
- Commission
- Overtime
- Bonus
- Partnership
- Rental Property
- Trust
- Notes Receivable
- Interest/Dividends
- If employed in family business:
- Personal federal income tax returns and all schedules for the past two years
- If divorced or separated:
- Complete executed divorce decree and settlement agreement
- If you choose to have this be considered as part of your income (you don't have to), you may be asked to provide 12 months canceled checks or bank statements reflecting income deposits.
- If you're self-employed:
- If you own real estate
- Name and address of all mortgage lenders, monthly payments and balances
- If you've sold your home but not closed:
- A copy of the sales contract
- If you've sold your home, closed, and you will use the proceeds for your new down payment:
- A copy of the HUD-1 Uniform Settlement Statement
- If you rent
- Name, address and phone number of landlords for the past 24 months. If you need to establish alternate credit references, you many be asked to provide twelve months of cancelled rent checks.
- If you're buying a home
- Purchase sales contract or offer to purchase and all addenda, with signatures of buyer and seller.
- If a source of your down payment is a gift:
- Name, address and relationship of donor.
- Gift funds will be verified in both the donor and recipient's accounts.
- Note: Not all loan programs allow gifts to be part of your down payment.
