Application - Documents required to Process Your Application
AmeriFund will need for you to provide the following documentation to enable us to evaluate your qualification for the requested loan:
- 2 Forms of Identification The Patriot Act requires us to verify your identity by obtaining copies of two forms of identification. Please provide a legible copy of (1) the driver’s license for each applicant, and (2) either the social security card or the ID page from a passport for each applicant.
- Paycheck stubs Please provide stubs or payment advice statement 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)
- IRS W-2s Please provide all W-2s 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.)
- Bank statements Please provide the 2 most recent statements of account for each bank account, savings account, money market account, stock brokerage account, or retirement account listed on the application. Agency guidelines do not permit us to use “online summary of balances” or “transaction histories”. We must have at least one recent statement of account for each account being utilized for qualification.
- Retirement Account – Terms of Withdrawal Even if you are not using the funds in your retirement account for closing costs, we must still obtain retirement account documentation to document “reserves” for future monthly payments. For that reason, please provide a copy of the Terms of Withdrawal for any retirement accounts. This is usually available on the retirement account administrator’s website.
- Proof of Housing Expense 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).
Items we also require once you have a fully executed contract on a purchase transactions:
- Survey Plat Refer to your purchase agreement to see if the Seller is providing an existing survey. If so, please provide a copy. If you were not provided a copy we can usually obtain a copy from your real estate agent.
- Executed Contract – Copy of Earnest Money Deposits Please provide a fully executed purchase agreement (earnest money contract) and a copy of all earnest money checks provided to the settlement agent (title company) and/or to the Seller (including all deposits paid to a Builder on a new construction transaction). If you are working with a real estate agent, you can have them provide a copy to us directly or you can direct the title company to provide us with that documentation directly.
Items we also require on refinance transactions only:
Circumstances where agency guidelines require copies of tax returns:
- Survey Plat Please look through the documents you were provided by the title company when you purchased the subject property. It should have included a copy of a survey plat. Please provide us with a copy of that survey plat.
- HUD-1 and Note from prior transactions Please look through the documents you were provided by the title company when you purchased the subject property and provide a fully executed copy of the HUD-1 Settlement Statement and Note (real estate promissory note) from that transaction. If you have refinanced since the time of the purchase, we are required to obtain a copy of the HUD-1 Settlement Statements and Notes from those transactions as well.
For applicants relying on retirement or social security income:
- 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 who own rental properties:
- Social Security Award LetterIf you receive social security benefits, please provide the 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.
- Retirement account documents Please provide a 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.
- Rental Agreements Please provided copies of lease or rental agreements for each rental property you own if income from the property is required for qualification.