When you are getting to purchase a Bay Area home or just refinance your Danville home there are certain items that you will be asked to provide your loan officer with in order to get your loan application started. If you start gathering these items before you meet with your Bay Area loan officer you will be able to get your mortgage application kicked off faster.
You will be asked to provide your most recent paystubs covering a 30 day period. Before approving your loan application the lender wants to make sure you are qualified for the loan amount you are applying for on the Danville home loan. I suggest gathering these as early as possible as this can be something that takes a while to get from your companies HR if they are busy. Now, you may say well I am self-employed I don’t have paystubs. If you live in the Bay Area and are self-employed provide signed copies of your profit and loss statement year to date and for the previous year.
Most Recent 2 Year W2’s
In addition to providing your Bay Area loan officer with paystubs they will want the W2’s to go with them. You will be asked to provide all W2’s for the most recent 2 years. Now if you are a 1099 employee and do not have W2’s then provide all copies of your 1099’s for the past 2 years.
Federal tax Returns
Just like you have to provide the past two years copies of 1099’s and W2’s you will be asked to provide you Bay Area loan officer with copies of your federal tax returns. If you have a CPA/accountant do your taxes then you will want to put in a request to get copies of these as you will need them at the beginning of your Danville home mortgage loan application.
Copy of Your Driver’s License
You will need to provide a copy of your driver’s license when starting your Bay Area loan application. If you are here one a Visa you will be asked to provide the paperwork and copy of your passport.
Copy of Mortgage Statement
If you own a Bay Area home, investment home in San Ramon or a secondary home in the Bay Area you will need to provide copies of mortgage statements, 1st’s & 2nd’s, for all of the properties that you own in the Bay Area as well as in other states.
Copy of Homeowners Insurance Declaration Page
This is required for all Bay Area homes and out of the area homes that you own. The lender wants to see what your current annual premium is for all properties before approving you on another loan. If you do not have a current copy of your declarations page simply call your insurance agent and they will be able to send you a copy.
This is not applicable for all Danville homes but will be needed if you own a Bay Area property or any properties that are in a homeowners association. You will need to provide a statement or bill showing what your monthly dues are for each property applicable.
During your Danville home loan mortgage application you will be asked to provide the most recent two months bank statements. This will help document the down payment if purchasing a home. The lender wants to see what reserves you have if your accounts as well as making sure you do not have large sums of sporadic deposits from untraceable sources entering your account. One key thing to remember while going through your Bay Area loan process is that all money entering and leaving your account needs to be verifiable and traceable if needed.
Just like providing the bank statements to show reserves, the lender wants to see the money that you have in your 401ks, IRA’s, and/or investment accounts.
Every individual loan applicant’s financial situation is different. If you have more going on in your file like K1’s or multiple corporations you may be required to provide more documentation to get your Danville home loan.