DOCUMENTS NEEDED FOR A HOME LOAN

To prepare for your home mortgage or home equity appointment, we recommend gathering the following documents to help speed up the process should you choose to submit a loan application with SchoolsFirst FCU.

Please note:

• It isn't required that you provide these documents at your appointment.
• Additional documentation may be required throughout the loan process.
• All loans are subject to approval.

Income

Please gather the following for all potential applicants:

Salaried

• Paystubs covering a full 30 days, dated within 30 days of the application.
• Most recent two years of W-2s.

Retired

• Most recent award benefit letter from Social Security.
• Prior year 1099-R from the institution for pension.

Self-Employed: Federal Tax Returns

• Personal federal tax returns for the previous two years, including all schedules.
• For Partnerships or S-Corporations: federal corporate (1120 plus K-1) or a partnership (1065 plus K-1) for the most recent two years.
• If currently on an extension for the most recent tax year, provide proof of extension.

Rental Properties

• Personal federal tax returns for the previous two years.
• Include all schedules or fully executed rental agreements when the property is acquired in the current year.

Other

• If you wish to have a child or spousal support included in your qualifying income, provide a full copy of the final recorded court decree and the support arrangements, along with 12 months of canceled checks or 12 months of bank statements to document receipt and deposit.

Assets

• Two most recent monthly bank statements, including all pages.
• Recent quarterly statement, including all pages for retirement/investment accounts (401K, 403B, IRA, stock, etc.).

Property

• Most current first mortgage statement for all properties owned if not financed with SchoolsFirst FCU.