You need all of your current financial documents and you must fill in a complete Uniform Residential Loan Application URLA 1003 form through your trusted lender. Almost every loan requires this application and an MLO cannot process anything without it first.

This is what I use to pull a customer’s credit and get all of their information for escrow. You need two years of pay stubs, a couple months of recent bank statements, and any other financial paperwork you’re going to use for your approval chances. If you have been divorced and pay alimony and child support, we need that. If you receive it, it is at your discretion to use it or not. You do not have to disclose unless you wish for it to be included in your monthly income. If your partner is applying too, I need their information and they must apply jointly with any of their current financial documents. You cannot use their income without also using their credit. If it’s a lot lower, that will hurt your chances because we use that lower number as our base.

On the application, you will fill in everything about you, your employers, your income, expenses, debts including current credit card balances, any property you already own, and what you’re applying for. If you don’t already have a home or budget in mind, we’ll skip that until you put in an offer. Just a note: There is some demographic information at the bottom of the application that we must legally fill in if a client refuses, per federal law, based on our assumptions and physical guess. This is required to verify discrimination and equality of loans in all areas, including underserved communities where diversity is low to ensure loans are being accurately processed and routinely funded in those areas. All buyers have equal rights regardless of any background and are to be approved solely on the merits of their financials and credit.

If you’re planning to buy this year, any money you will use as down payment needs to be in a legitimate account. Any “mattress money”, offshore accounts, piggy bank funds, gifts from family, etc. must be in a bank account at least 60 days prior. Any large deposits without a paper trail and proof of origin cannot be used. Put your money into an HYSA High Yield Savings Account, like SoFi, and let it grow on high interest there until you’re ready. In fact, all savings should be in one anyway.

If you don’t have a SoFi account, I have a free referral link for a sign up bonus that gets you extra money so email me at agentofparadise@gmail.com and I’ll send it to you.