Initial Needs List

Initial Needs List

Required to Setup and Disclose

  1. Completed FNMA 3.4 File
  2. Fees Worksheet or completed fees
  3. Credit Report
  4. AUS Findings
  5. If applicable: Purchase Contract (all pages)

Required to Process

Identification

  1. Driver’s License
  2. Social Security Card

Income

  1. Paychecks - Most recent 30 days
  2. W2’s - Last two years
  3. If applicable: Federal Tax Returns - Last two years
  4. Other income (social security, retirement, VA benefits, trust income, etc.): award letter and/or any other supporting documentation.
We may need federal tax returns on files in which the borrower has other sources of scheduled income (i.e. A side business or rental properties). We also may need them based on specific program guidelines.

Income (If self-employed)

  1. Federal Tax Returns - Last two years
  2. If applicable: K-1's - Last two years
  3. Profit & Loss Statement
  4. Balance sheet
  5. If ownership is 25% or more or corporation or partnership:
    1. Corporate Tax returns - Last two years
    2. W-2’s - Last two years
  6. If applicable: 1099’s - Last two years

Assets

  1. Bank statements - Most recent two months
  2. All other accounts - Quarterly or semi-annual statements.
We only need statements for accounts that are relevant to the file (i.e. cash to close, reserves). Most refinances will not require assets since they don't require the borrowers to bring in any money. For example, on a cash-out refinance or a refinance in which the borrowers are not required any cash to close, we do not need proof of assets.

Properties

  1. If the borrower has ownership in any properties, get the following for each one:
    1. Mortgage statement
    2. Evidence of insurance 
    3. Rent/lease agreements for any investment properties

If applicable: Other Documentation

  1. Bankruptcy paperwork (if within 7 years)
  2. Divorce Decree

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