A loan application is probably the biggest, most important and most complex, combination of your entire financial situation you will do in your lifetime. More complex than your own taxes.
We personally review your documents in great detail and make sure they are presented in the most accurate and favorable allowable way. This extra personal attention maximizes your chances of a successful closing.
- It takes decades of training and experience to properly calculate both your income and expenses into the right forms.
- The more important step is using all allowable income for your loan.
- Future rental income is allowable.
- Future IRA income distribution may be available.
- Depreciation and depletion can increase your income.
- Decreasing allowable expenses improves Debt to Income Ratio.
- Debts paid by a business can be excluded.
- Paying off debts at the closing table can improve the DTI.
- Proving cars, student loans are paid by a 3rd party can improve DTI.
We sweat this part of the process so we make the remainder of the process smoother.
Below is a list of documents needed for most loans.
- Two official high quality color IDs such as Driver’s License, Social Security Cards, passports or green card. Please note, the IDs must be clear and show a recognizable picture. You can take a cell phone picture and text them to Conditions@loansinflorida.net
- Home, cell and work numbers.
- Latest two years’ worth of tax returns, 2016 and 2015 (and K1s if applicable), W2s and all supporting schedules.
- Income from any other source such as Social Security, Pensions, Annuities, Partnerships…….
- Last 30 days of paystubs or other proof of income in 2017 or other sources of income.
- Detailed employer contact information. Start date of your current employment or years on job if greater than 2 years.
- 2 months of bank statements, all pages (even blank ones), front and back with no alterations. Stocks, bonds, retirement accounts.
- List of any real estate owned with a copy of your latest mortgage statements, income and expenses such as taxes, insurance and condo fees.
- Proof of any payment plans that includes, IRS, private mortgages or private debt.
- Age of any dependents claimed on your tax returns.
- How long have you lived in your current residence?