Items Needed When Applying For a Loan
Have These Items Ready When You Apply For a Loan
It used to be that lenders mailed out verifications to employers, banks, mortgage companies, and so on, in order to verify the data supplied by borrowers. Nowadays, the interest is often in speed and getting answers quickly, so "alternate documentation" has become more widely used. Alternate documentation means that underwriting answers can be obtained with information supplied directly from the borrower instead of waiting around for verifications to come back in the mail.
The following is required for most standardized loans as part of alternate documentation processing. Items may differ according to whether your loan is a conforming (Fannie Mae or Freddie Mac), non-conforming (jumbo) loan, government loan, or a portfolio loan.
Verifications are still mailed out, but usually as part of quality control procedures.
These are the things you need to supply to your lender to get a quick approval using alternate documentation
If you are self-employed and earn more than 25% of your income from commissions or bonuses, own rental property or are in a career where you are likely to take non-reimbursed business expenses:
Landlord's name, address, and phone number (for verification of rental)
Copy of bankruptcy papers if you have filed bankruptcy within the last seven years
Copy of purchase agreement (if you have already made an offer)
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