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At UFCU we can pre-qualify you for a Mortgage based on a credit report, information you supply through a Loan Application and what you tell us about your income and your assets.
Once prequalified, we will then need to collect documentation in order to actually approve your mortgage. Every financial situation is a little bit different, but this will give you some good guidelines of the information we will need to collect to approve your Mortgage.
Typically, we will need to verify all applicants’ income with the past 60 days of paystubs, including year-to-date figures. If you are self-employed, the most recent past two years of tax returns will be needed (see below). Assets are very important, so we will ask for verification of your bank balances, investment accounts, retirement funds and any other assets we are using to approve you for the loan. We are also required to verify your employment and credit within 24 hours of closing.
Generally, the income of self-employed borrowers is verified by obtaining copies of personal (and business, if applicable) federal tax returns for the most recent two-year period.
We'll review and average the net adjusted income from self-employment that's reported on your tax returns to determine the income that can be used to qualify. We won't be able to consider any income that hasn't been reported as such on your tax returns.
In order for bonus, overtime, or commission income to be considered, you must have a history of receiving it and it must be likely to continue. We'll usually need to obtain copies of W-2 statements for the previous two years and a recent pay stub to verify this type of income. If a major part of your income is commission earnings, we may ask for copies of recent tax returns to verify the amount of business-related expenses, if any. We'll average the amounts you have received over the past two years to calculate the amount that can be considered as a regular part of your income.
If you plan to include dividends or interest as part of your earnings to repay the loan, you’ll need to provide two years’ tax returns. The returns enable us to verify the amount of your dividend and/or interest income so that an average of the amounts you receive can be calculated. In addition, we will need to verify your ownership of the assets that generate the income. This can be copies of statements from your financial institution, brokerage statements, stock certificates or promissory notes.
For more details on loan application requirements, visit our Mortgage Center.