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Copies
of contracts.
The lender will want a copy of your purchase contract specifying the
price and closing date. If you are selling your current home the lender
may want to see the contract on that transaction as well. |
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Income
verification documents.
The lender will want copies of pay stubs for the previous 2-4 weeks.
Additionally, they may request tax returns with accompanying W-2 and
1099 forms. |
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Contact
information.
You may be asked to supply contact information (name, address, phone
number) for your employer to allow the lender to verify your information. |
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Credit
card and installment loan information.
The lender may want to see copies of several months credit card statements,
as well as payment books or statements for car loans and other consumer
debts. |
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Bank
statements.
You may be asked to provide statements for bank and brokerage accounts
for the past 2-3 months. |
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Proof
of down payment funds.
Some lenders require verification that the buyer has the required
funds to cover the down payment and closing costs. If any portion
of the down payment is being provided by others (family members, for
example) the lender will probably require a letter stating that the
funds are a gift and not a loan. This is often called a gift letter. |
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Special
items.
Some lenders may require copies of car titles and ownership documents
for other major assets. If relevant, divorce or bankruptcy paperwork
should be provided. Borrowers who are relying upon income from a legal
settlement or similar source will need to provide documentation. |
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