Standard Conditions for Loan Approval

Income verification:

• Two most recent pay stubs
• W-2 forms for the last two years
• Verification of Employment
• Awards letter for disability, retirement, or child support for income
• When income is derived from rental property, commission, interest or other sources of income besides salary, tax returns may be required
• Child support/alimony — friend of the court printout or 12 months’ of cancelled checks (if applicable)

Sources of funds/down payment:

• Down payment and source
• Bank statements for the last three months, including savings, checking and investment accounts
• HUD settlement statement if using funds from the sale of property
• Sale of asset — proof of ownership, proof of sale and proof of funds transfer
• For gift funds — a gift letter, evidence of transfer and sometimes evidence of withdrawal

Payment history:

• Cancelled rent or mortgage payment checks for past 12 months, if not available on credit report
• Copy of land contract, if applicable
• Child support/alimony
• Bankruptcy/Consumer Credit counseling proof, if received

Additional information, if applicable:

• Building permit if required by your county/parish
• Title to trade-in and Bill of Sale
• Tax receipt on land (if owned)
• Copy of land deed where home will be placed (see salesperson for more details)
• Purchase agreement, including legal property descriptions and any addendum
• Divorce decree