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    Documents Required for a Home Loan Mortgage

    Below is a list of documents that are required when you apply for a mortgage. Having the necessary financial documentation ready when you talk to our loan expert will speed up the mortgage process.

    However, every situation is unique and you may be required to provide additional documentation. And our loan experts are ready to help you to determine what documentation you’ll need for your particular situation.

    1. Credit History

    When you apply for a mortgage, we must access your credit report to know how credit worthy (or risky) you are as a borrower. Borrowers with high credit score are more likely to qualify for a larger loan, better loan options, and/or a more favorable interest rate . We’ll need your Social Security number and date of birth.

    2. Your Property

    • Copy of signed sales contract including all parties
    • Verification of the deposit you placed on the home
    • Names, addresses and telephone numbers of all realtors, builders, insurance agents and attorneys involved
    • Copy of Listing Sheet and legal description if available. You may also need to provide condominium declaration, by-laws and most recent budget, if the property is a condominium.

    3. Proof of Income

    To make sure that you are able to make your mortgage payments, we need to see proof that you have a source of income. Following documents are usually required:

    • Copies of your pay-stubs for the most recent 30-day period and year-to-date
    • Copies of your W-2 forms for the past two years – Your W-2 forms will help your lender verify that you are employed and will show your income history.
    • Names and addresses of all employers for the last two years
    • Letter explaining any gaps in employment in the past 2 years
    • Work visa or green card (copy front & back)

    If self-employed or receive commission or bonus, interest/dividends, or rental income:

    • Provide complete tax returns for the last two years PLUS year-to-date Profit and Loss statement, If you have filed an extension, please supply a copy of the extension.
    • K-1’s for all partnerships and S-Corporations for the last two years
    • Completed and signed Federal Partnership (1065) and/or Corporate Income Tax Returns (1120) including all schedules, statements and addenda for the last two years. (Required only if your ownership position is 25% or greater.)

    4. If you will use Alimony or Child Support to qualify

    Provide divorce decree/court order stating amount, as well as, proof of receipt of funds for last year

    5. Source of Funds and Down Payment

    To qualify for a mortgage, you need to be able to show that you have some money for the closing costs. Acceptable sources of funds may come from:

    • Sale of your existing home – provide a copy of the signed sales contract on your current residence and statement or listing agreement if unsold
    • Savings, checking or money market funds – provide copies of bank statements for the last 3 months
    • Stocks and bonds – provide copies of your statement from your broker or copies of certificates
    • Gifts – provide Gift Affidavit and proof of receipt of funds

    Based on information appearing on your application and/or your credit report, you may be required to submit additional documentation.

    6. Copy of Your Earnest Money Deposit

    The earnest money deposit is a deposit made by a buyer towards the down payment in evidence of good faith when the purchase agreement is signed. You may be asked to provide a copy of the earnest money deposit.

    7. Copy of Homeowners Insurance

    Homeowner’s insurance is used to verify that you’ll have sufficient coverage on the property when getting a mortgage. It covers any damages that may affect the home’s value.

    8. Copy of Title Insurance

    Title insurance protects a buyer against any errors in the title of the property. Having a copy of your title insurance will help verify the legal description of the property, the taxes, and the names on the title.

    9. Debt or Obligations

    • Details of all current debts with copies of the last three monthly statements
    • Details of mortgage holders and/or landlords for the last two years
    • If you are paying alimony or child support, include marital settlement/court order stating the terms of the obligation

    Once you’ve begun the loan process, our loan expert will let you know exactly what documentation you’ll need to get approved.

    Want to learn more about the process of getting a home loan

    Contact us to talk to a loan expert or submit a Loan Advisor request.

    310-478-5005

    Do you have questions?

    Call us today (310) 478-5005 or fill in form below and we will get back to you as soon as possible.

    When you click “Submit” you give your consent to our privacy policy and acknowledge that we may contact you via sms to discuss loan options. However, your consent is not a requirement for receiving our services, and you may withdraw it at any time.

    Client Testimonials

    Thanks PacShores for coming through for me in the nick of time. After our Parents passed away and left the small apartment units that I was living in to me and my two siblings, they needed to get out their portion of the inheritance and were determined to force me to sell the units. I needed to keep the property for my family and avoid selling in such a down Market. My Income was low and the Banks refused to accepts the Rental Income from the other Tenants and to approve my loan. It wasn’t a problem when I contacted PacShores, they funded my loan in no time, paid off my siblings, hassle free, and I am very glad I found them.

    Tony – Orange, California

     

    I took over some Apartments that my Dad owned and had been renting out over the years. Some of the tenants had been there for 10 years and more, the Properties have gotten in disrepair, and the County had also filed substandard violation Liens on the Properties. All the Lenders that I had applied to for a Cash-Out Loan, turn down my application due to the condition of the Properties. With the help of the Loan Officers at PacShores, we were able to customize a loan for me that set aside funds to complete the needed repairs, and clear up all the Substandard Notices and Liens on the Properties, and the extra cash that I needed.

    Tracy – Los Angeles, California

     

    Hi, I am Real Estate Broker, and Short Sale specialist, and I had very well qualified Buyer with almost 50% cash down payment, under contract on a highly discounted Investment Property purchase. After 3 weeks of getting the runaround with their Bank including my regular Lenders that I normally use, I was convinced they would lose out on this great deal. Luckily an associate referred me to PacShores Mortgage, and within 24 hours they drove buy the property, and had Closing Documents in Escrow by the third day and funded the loan right after. They saved this deal for us. I couldn’t thank them enough and would use and recommend them to all my associates in the future.

    Javier – West Covina

     

    Hello, our Credit Scores had become so low after we went through a Loan Modification process and Short Sale on our previous house. Thereafter, we couldn’t find a Bank willing to consider us for a new Home Loan, even though we had substantial funds for a Down Payment. The folks at PacShores Mortgage were very understanding and glad to review and approve our loan application. Thanks to them, we are proud owners of a new, more affordable four Bedroom house again.

    Susan – Fresno, California

     

    My wife and I own a successful and profitable Business, and also own a number of Rental Units. Due to the Freeze in Bank Lending we decided to refinance one of the Rental Units we own outright, to access the credit we need to efficiently run our Business. Unfortunately due to the write-offs we show on our Tax Forms, the Banks we contacted were misreading our Income and cash flow and declined to approve our loan application. Our experience was different at PacShores, the easily identified our true Income and approved our loan promptly, and we didn’t even need to provide them any Tax Returns.

    Cindy – San Diego, California

     

    What Kind of Loans
    Do We Offer?

    Conventional Loans
    Conventional Loans

    These are loans which conform to the guidelines set by Fannie Mae and Freddie Mac.

    VA Loans
    VA Loans

    These federally backed loans are available to veterans and spouses, and allow you to qualify for a loan with zero down payment.

    FHA
    FHA

    If you are a first time homebuyer in Los Angeles, you may be able to qualify for a down payment as low as 3.5% with a government-backed FHA loan.

    Reverse Mortgage
    Reverse Mortgage

    If you need to pull equity out of your home to convert to cash, a reverse mortgage makes it possible.

    Jumbo
    Jumbo

    A jumbo loan is any home loan which does not fit within the conforming loan limits. In a high-cost city like Los Angeles, jumbo loans are common.

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    (310) 478-5005

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