FAQs

The first step in getting a loan is filling out the loan application. Once that is complete, you’ll have a better idea of how much documentation is required from the borrower. This ranges from very little documentation to detailed information on their employment and credit histories. A good list to start with includes:

Verification of Income/Employment

• Previous years W-2s or pay stubs/Social Security or retirement award letter/Self-employed borrower information (usually a form provided by the lender)
• For other income, a one-year history of receipt with evidence of three years continuance
• A copy of the fully executed divorce decree
• Evidence of 1 full year receipt of payments

Assets

• Two most recent statements of asset account – all pages (savings, retirement, etc.)
• Gift letter and supporting forms

Obligations

• List all debts, including monthly payment and outstanding balance
• Copy of the fully executed divorce decree-indicating amount of child support, alimony or separate maintenance payments.

Purchase Agreement

• Copy of the fully executed purchase contract

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