What’s in the perfect loan file?

Do you ever wonder why your lender is always asking for more and more documentation when buying a home? Well, here are the items you will need to get your loan in place when buying a home.

*2 most recent W2’s (’12 & ’13)

*2 most recent years of complete personal (and business if applicable) federal tax returns including all schedules

*Most recent year to date paystub(s) covering 1 months pay (30 days)

*Current mortgage statements on all homes owned

*Homeowner’s insurance statement (or name and number of agent)

*2 most recent bank statements documenting sufficient funds to close plus any reserves required. Provide all pages—even if blank

*Copy of drivers license

*Copy of HOA bill for all properties owned. If not applicable, please provide signed and dated letter stating so.

*We may need letters of explanation depending on Credit information and what we see on the bank statements.

If you haven’t closed a mortgage in a while– I want to apologize in advance! There is “A LOT” of documentation needed to close mortgages these days! Here is a link to a Forbes magazine article that articulates well the reasons behind our requests called

“The Perfect Loan File”
http://www.forbes.com/sites/moneybuilder/2012/03/09/the-perfect-loan-file-2/

Our goal is to find any issues and deal with them before we get to underwriting to give you the smoothest transaction possible.

If you or someone you know is looking to buy a home and has additional questions please feel free to call, email, or fill out the form below

Information Provided by
Dan Morse
Vice President, Licensed Mortgage Professional
Cherry Creek Mortgage Co., Inc.
1630 S. Stapley Dr. #114
Mesa, AZ 85204

NMLS# 162003
AZ Lic# 0912309

Direct: 602-617-3000

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