Apart from income items and asset items, there are many other items that should be kept ready for a quick loan approval.
The most important among these are the credit items. These are as follows:
o For verification of the rental, you need your landlord's name, address, and phone number.
o Besides, you will also need detailed explanations for the following items if at all they appear on your credit report:
o Late payments
o Credit inquiries in the last 90 days
o Charge-offs
o Collections
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o Judgments
o In case you have filed bankruptcy within the last seven years, you ought to have a copy of the bankruptcy papers as well.
Following are a few other items that are also essential:
o If you have already made an offer, a copy of the purchase agreement is essential.
o If you desire to show child support as income, you will have to document receipt of child support.
o If applicable, a copy of Divorce Settlement is needed to show the amount.
o Also, in order to document actual receipt of funds, you need to produce copies of twelve months canceled cheques.
o As far as FHA loans are concerned, be ready with a copy of the Social Security Card or any other documentation of social security number. You can also produce a copy of driver's license.
o In case of VA loans, copy of DD214 is needed.
o For refinances, a copy of your most recent monthly mortgage bill, a copy of note on existing loan and a copy of HUD1 Settlement Statement on existing loan.
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