STEP 1. GATHER DOCUMENTS
In this step you will be gathering this documentation for you and your co-borrowers if applicable. You can add up to 4 co-borrowers if you choose.
Please be sure to upload all pages to each document.
MOST RECENT W2’S
The W2’s are used to confirm your yearly pay as well as to document your work history.
Only your MOST RECENT TWO W2’s are necessary, please do not upload any of your prior years tax W2’s.
If you are paid W2 please do not upload your entire tax return, only submit the W2’s.
DETAILS:
• SELF EMPLOYED? If you are self employed please upload your entire tax returns for the most recent 2 years including all pages.
• MISPLACED YOUR W2? If you are paid W2, only upload the W2’s. The entire tax return is not required. If you do not have access to your W2, you can possibly request a copy from your tax preparer. Your tax preparer should have this documentation but if not, we will order a Verification Of Employment from your employer. Provide us with your employer’s HR contact info and we will order this for you.
• PAID CASH? If you are paid cash, unfortunately you would not be able to use this income to qualify unless you are purchasing with 20% to 30% down payment.
• MISSING A W2? If you only have one W2, please upload it and we will order a verification of employment to suffice. Provide us with your employer’s HR contact info and we will order this for you.
• MULTIPLE W2'S FOR ONE YEAR? If you had multiple W2’s for any given year, please upload each and every one to expedite your results.
2. MOST RECENT 2 PAYSTUBS AND ASSETS STATEMENTS
Please only submit your most recent 2 paystubs and bank statements. Submitting more documentation than necessary will cause a delay in your results.
• WHAT ARE ASSET STATEMENTS? Asset statements are bank statements, retirement account statements, stocks, bonds, or any other type of liquid assets which you will be using to cover your down payment and closing costs. Be sure to upload all pages.
• WHAT IF MY CURRENT PAYSTUB DOES NOT SHOW ME WORKING FULL TIME? The lender calculates your income using the year to date income, so the income reported on that particular pay stub will not have an affect.
• CAN I SEND A SCREENSHOT? Yes you can send a screen shot, but it will need to be a screenshot of the paystub with your Year To Date earnings breakdown. A screenshot of a time card, the actual check from your employer, or bank statement showing the direct deposit will not be acceptable.
• WHAT IF I DON’T RECEIVE PAYSTUBS? If you don’t receive paystubs you can request a copy from your HR or payroll department. If you don’t receive paystubs because you are self employed, your most recent 2 tax returns (all pages) will be acceptable.
• WHAT IF MY INCOME IS FROM CHILD SUPPORT/ALIMONY, SOCIAL SECURITY, OR RETIREMENT? If you receive child support/alimony then we would need the divorce decree or child support agreement documenting the amount and duration for this income. If you receive social security we will need an award letter from the county stating the amount you receive and duration. If you income is from retirement income, we will need the statement for this income.
• WHAT IF I DON’T HAVE ASSETS FOR A DOWN PAYMENT OR CLOSING COSTS? We have down payment assistance loans available if your fico score is above 660. When all assistance is applied there will still be an excess of about 3% of your purchase price which you will need to cover. To figure this amount multiply the purchase price by .03
• WHAT IF I HAVE THE AMOUNT NEEDED FOR THE DOWN PAYMENT AND CLOSING COSTS IN CASH? If this is your case, please reach out to us.
3. ID & SS
• WHAT IF I DON’T HAVE A COPY OF MY ID OR SS? If you don’t have a copy of your ID you can provide another form of photo ID like a drivers license or passport. If you don’t have a copy of your SS, we will need to provide a signed letter of explanation to the lender stating this.
• WHAT IF I DON’T HAVE A SS? If you do not have a SS you would need to provide a green card, an EAD card providing you authorization to work, a visa, or some other form of lawful residency. DACA qualifies!