Legible copies of documentation may be emailed, faxed or mailed. You don't want to chase paper later so be detailed now.
PURCHASES and REFINANCES:
If Purchasing, provide a complete copy of final sales contract.
If you've sold your current home and using those funds to close this loan, provide a copy of the closing statement by the closing day of the new loan.
Income & Asset Documentation
Wage/Salary Earners provide your last 30 days pay YTD stubs.
W-2's and 1099's for last 2 years.
Most recent 2 months asset statements (all pages) to verify cash assets shown on the application for funds to close and cash reserves. Internet Statements must reflect your identifier data to be usable, such as your name, account number, statement date, balance and institution name.
Large deposits larger than payroll made to your accounts must be documented.
IfSelf-employed, 1099 earnings, tipsor reporting investor income to qualify (rental or dividend), provide:
Latest 2 Years signed personal & business tax returns (complete w/all pages) as required.
Rental income requires copy of most recent lease, if any. Provide proof of taxes, insurance and association fees if any on all properties owned. Separate requirements will apply if you are using rent on the subject property.
If refinancing, provide copy of your most recent lotsurvey, a copy of your original Owner's Title Policy, proof of Hazard Insurance coverage (Master Policy Information/Interior Hazard Coverage if a Condo) and Flood Insurance if it applies and proof of real estate taxes and association fees if any on the subject property.
If using Retirement Income:
This includes retirement, pension, Social Security, disability, annuity or as may apply to you, please provide the most recent award letter.
If you choose to use Child Support and/or Alimony as income:
Copy of divorce decree/property settlement agreement.
Copy of documentation of your receipt of the child support/alimony and proof of continuance for 3 years.
FHA Program - Additional Package Requirements
Copy of the signed Social Security card on all applicants
If refinancing, copy of the current FHA Note and Mortgage from the last closing showing the previous FHA Case number
If refinancing, copy of current monthly mortgage statement - must show the full account number to obtain payoff statement
VA Program - Upfront Package Requirements To Get Started
Copy of the signed Social Security card on all applicants
Disclosures will be sent to all applicants for dated signature upon reciept of your application package.
Miscellaneous Requirements
Clear/Legible Copy of front/back of your Photo ID (Driver License/Passport) to provide picture ID per U.S. Patriot Act
If paying support or alimony, provide copy of your divorce decree and property settlement agreement. This is considered a debt.
Resident aliens provide copy front/back of your Green Card.
Once you set up your Login ID/Password you may go to the application anytime of day to complete it as your time allows. Start it now...finish it later. Just don't "finalize" it until you are ready to submit. Additional documentation may be required according to your individual situation and details. Always call if you have any questions. Lenders will verify your current employment prior to preparing a closing package or dispursement of funds.
ORLANDO MORTGAGE MASTERS 174 W. Comstock Avenue, Suite 100 Winter Park, FL 32789
