Legal
A scanned copy of your Driver's License and Social Security Card to validate legal name and address.
*If applicable: Divorce decree and supporting documents if you make or receive payments. (Birth Certificates to show age of children, proof of the last 6 months receipt.)
*If you are self employed: Secretary of State certificate of good standing/compliance and listing to show start date, to prove perpetual business license registration.
Income
Most recent 2 months of your year to date paystubs, the 2 most recent years of filed tax returns and supporting schedules that are applicable to your income source. (W2’s, 1099’s, business returns, K1’s or benefit letter)
*If you are self-employed, we need most recent 2 years of business returns and the Profit and Loss from the last filed report.
*You will also need to pull down the 1040 tax transcripts from the IRS website to show that they have been received. (Business tax transcripts will be required, if applicable.) If the return was extended, we will need a copy of the extension and the tax transcript will confirm it hasn't been received from the IRS.
Assets
All pages of the most recent 60 days of bank statements, including retirement accounts. Specifically note the earnest money transfer and its source as well as what funds you will use for closing.
DO NOT MOVE MONEY BETWEEN ACCOUNTS, ALL DEPOSITS MUST BE DOCUMENTED.
Real Estate Statements
Each property address, value and associated document for the Mortgage, Property Tax, Homer owners Insurance and HOA on any real estate that you currently have ownership in.
LLC Vesting Requirements
Investment Properties can be vested in an LLC if the property will be used for business purposes, not for personal use.
The borrowers on the loan application must be a managing member (s) and have documented authority to sign on behalf of the entity. In addition, all members with signing authority must sign the security instrument. All members with 25% ownership or more will have an AML/BSA review.
Document requirements:
Certificate of formation, filed articles of incorporation, including any and all addendums and a current listing of all ownership interests. We will perform a OFAX check for all individuals with 25% or more ownership in the entity.
The Operating Agreement for the LLC must be underwritten before loan application can show vesting in the LLC.
Current Certificate of good standing dated within 12 months prior to this loan’s note date.