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Documentation Needed to Process a Loan

Documents Needed Once Loan is Locked for borrowers that are employed

1. Last 2 years W-2's

2. Last months pay stubs

3. Last 2 months bank statements

4. Mortgage Coupon for 1^st and 2^nd

5. Copy of home insurance declaration page

Documents for Self Employed Borrowers

1. Last 2 years full tax returns

2. Copy of business license over the past 2 years

3. CPA letter stating the client has filed as self employed for the past 2 years

4. Or a letter from a registered agent stating the same info

5. Last 2 months bank statements

6. Mortgage Coupon for 1s` and 2^nd

7. Copy of home insurance declaration page

Documents for Retired Borrowers

1. Social Security Benefit letter

2. Pension award letterLast 2 months bank statements

3. Mortgage Coupon for I '^t and 2^nd

4. Copy of home insurance declaration page

Types of Documented loans

1. Full Doc - Requires all of the above paperwork to qualify for the loan

2. Stated Income/Verified Assets - We will state the income for the borrower. We will not need W-2's, pay stubs, tax returns, benefit, or award letters. Need the rest though.

3. Stated Income/Stated Assets - We will state the income and asset requirement to qualify the borrower. Will not need W-2's, pay stubs, tax returns, benefit, award letters, or bank statements.

4. No Ratio - Same paperwork as stated income/verified assets. Must have a job.

5. No Doc - No Job/No Assets. We only need mortgage coupons and home insurance.

Reasons Why Loans Don't Go Through

1. House doesn't appraise for value submitted on app.

2. UW doesn't believe stated income on app.

3. Client can't show enough assets previously submitted on app.

4. Pay doesn't match what was originally submitted on app. Goes back to ratios.

5. Client can't provide biz license or CPA letter after all.

6. Client quits job before funding of their loan.

7. Client doesn't make us aware house is listed for sale on the MLS.

8. Client is in the middle of a remodel.

9. Client fails to tell use they are keeping their current home while purchasing another.

10. Client can't provide rental contracts for existing properties.

11. Fails to tell us they have existing liens on title not showing on the credit report.

12. Fails to tell us they have a 2nd mtg.

13. Fico drops from time Premier Lending runs their credit to when the lender does.

14. Client stops making mortgage payments while loan is in process and gets a mortgage late payment.

15. Client is not a U.S. citizen and or can't provide permanent resident alien paperwork.