At Lending National, we offer a competitive rates and better programs for the loans are qualified for "Full Documentation". To qualify for the Full Docs program, the borrower must meet all documentation requirement as follow:
(A) DOCUMENTATION REQUIRED FOR “FULL DOCS QUALIFICATION ”:
- Two years (W-2) or 1099 Statement
- Income qualificaiton based on nthe debt ratio of the household
- Credit reports CHECK W/ LENDERS, but most required fico score at least 620
- Most recent PAYSTUBS, (covering a ONE MONTH period)
- IF SELF EMPLOYED, (2 years Tax Returns and current year up-to date Profit and Loss Statement)
- Bank Statements(most recent THREE months on checking, savings, and other applicable account
(B) RELATED DOCUMENTATION REQUIREMENT
- Purchase loan: Executed Purchase Agreement and Disclosure including all addendums
- Gift letter (if someone is helping borrower with the down payment)
- Copy of rental agreements, (if owner own other renting properties or it is renting property)
- Divorce Decree (if applicable)
- Complete Bankruptcy Documents (if bankruptcy has been declared in the last 10 years)
IF you are an owner of 25% or more of partnership of a corporation, please provide:
- A copy of Full Partnership and 2 years returns (1065s) and Cooperation tax return (1120s)
- And current year-to –date Profit and Loss Statement of the Corporation and Partnership
IF Your Property is a condominium or P.U.D.:
- Provide the information of the Home Owner’s Association (HOA) or Management Company
- If property is a Land Lease, provide the information of Landlord
All other documents and information may be required based on loan qualification and programs. Please call our representative for details.
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