Download Required Documentation for Residential Mortgage Loans This

Required Documentation for Residential Mortgage Loans
This below is a list of documentation required as a component of the application process for a new home loan. Please
note that the actual documentation requested during the underwriting of the application may vary from what is shown
below.
Proof of Income.
Income Verification for Wage Earners
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Paystubs covering earnings for the most recent 30 day period with year-to-date income listed.
W2 forms covering the most recent two year period.
Two (2) years signed and filed federal income tax returns with all schedules attached.
Income Verification for Self-Employed Borrowers
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Two (2) years signed and filed federal income tax returns with all schedules attached.
A year-to-date Profit and Loss Statement may be requested
Verification of Other Income Sources
 Social Security Income.
 A copy of the Social Security Administration's award letter,
 Signed federal income tax returns or,
 Copies of the borrower’s bank statements.
 Retirement, Government Annuity, and Pension Income.
 Letter from the organization providing this income, i.e., award letter
 Signed federal income tax returns,
 1099 forms or,
 Copies of the borrowers most recent bank statements.
 Alimony and child support.
 Divorce decree or other legal document showing awarded alimony or child support payments
 Alimony or child support needs to be documented with deposit slips, bank statements, court records or
income tax returns.
Rental History Verification
 The most 12-month rental history must be verified by bank statements, cancelled checks, money orders,
payment history produced by a management company or by a standard rent verification form.
Verification of Source of Funds
 You must have sufficient funds for the down payment, closing costs and PITI (principal, interest, taxes and
insurance) reserves through an acceptable source such as funds held in a checking or savings account, stocks,
bonds, 401K, or investment account. Funds must be verified with bank statements or investment portfolio
statement covering account activity for the most recent two-month period.
 Business assets used for a down payment must be verified on a Schedule C or 1120 S Income showing assets
are available. Borrower must own 100% of business.
 Gift letter if the source of funds are coming are a gift.
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Credit
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If you are selling a house, proceeds from the sale must be verified through a copy of the fully executed
settlement statement.
Bankruptcy or discharge paperwork for any bankruptcies on your credit report.
Important Disclosures
The above list is a guide of documents that may be required for approval for a home loan.
OneWest Bank reserves the right to request additional documents and information during the
underwriting process. Not all applicants will qualify for financing. Mortgage rates and terms are
subject to change without notice.
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