Here are a few things that all borrowers should include in their home loan list.
1. Make sure to have last 2yrs tax returns available. This can be a pain to find, and it is 'normally' submitted to most underwriters.If you are self-employed, they will require ALL schedules with the 2yr tax returns, and might require 1yr of business tax returns.
2. Keep last paystubs that show at least 30day earnings. If you are paid bi-weekly or bi-monthly, 2 paystubs will suffice. If you are paid weekly, you would need to have the last 4paystubs
3. Mortgage lenders require last 2month bank statements or asset statements. If the pages are listed 1to8, they will require all 8 pages.
4. Last 2yrs of w-2's are commonly asked for
5. If you report overtime, commissions, or bonuses, make sure to calculate for 2yrs divide by 1. If you only received for 1yr, then you can't count it towards your income.
6. Offer letters for new jobs are needed if you plan to change jobs. Salary, Start date, and immediate supervisor are some of the information required on these letters
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