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Documents required to process your application.

To issue an approval letter you will need to provide the following documentation to enable us to evaluate your qualification for the requested loan:
• Paycheck stubs for borrower (and co-borrower if co-borrower income is shown on the application) covering a 30 day period (5 stubs if paid weekly, 3 stubs if pay bi-weekly, 2 stubs if paid semi-monthly, 1 stub if paid monthly)
• All IRS W-2’s provided to borrower (and co-borrower if co-borrower income is shown on the application) for the two previous calendar years (Provide W-2’s for the spouse of the applicant if tax returns were filed jointly. These will not be used for qualification if the spouse is not joining in the application.)
• Most recent statement of account for all bank accounts, savings accounts, money market accounts, stock brokerage accounts, or retirement accounts listed on the application.
• For all real estate you own provide a copy of the mortgage account statement for that property if taxes and insurance are paid through an escrow/impound account maintained with the mortgage company, or provide a copy of the hazard insurance statement and property tax statement for each property for which taxes and insurance are paid directly by you (no escrow account).

Circumstances where agency guidelines require copies of tax returns:
• If you reported any income on Schedule C or Schedule E of the two most recent filed tax returns, if you have received any commission income within the preceding three years, or if you showed a deduction on Line 21 (Employee Business Expenses) of Schedule A (Itemized Deductions) on any of the two most recent filed tax returns, you must provide all the pages of those two tax returns and all Schedule K-1s for each company listed on page 2 of Schedule E if you had income or losses reported on that page of Schedule E.
• For each borrower that derives income from a partnership or corporation in which that borrower holds a 25% or greater ownership interest, also provide the two most recent partnership, sub-chapter S corporate return (Form 1120S), and/or corporate return (Form 1120) as applicable, including K-1’s where applicable.

For applicants relying on retirement or social security income:
• Social security award letter for the current year for each applicant for which social security income is shown on the application; or a copy of two most recent bank statements showing automatic deposit of social security income
• Letter from retirement or pension administrator indicating current amount of pension income or copy of two most recent bank statements showing automatic deposit of retirement or pension income; and IRS Form 1099-R for all pensions and retirement income disbursements.

For applicants who own rental properties where the income is not reported on a tax return:
• If you own a residential property and the rental income from that property was not reported on your most recent filed tax return (on Schedule E) then you must provide all the pages of a fully executed rental agreement for that property if we are using the rental income for qualification purposes.