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W2's are required unless you have Bonus income, commission, income, Unreimbursed employee expenses, are a union construction worker of any type , own other properies or own other businesses or are self employed. Then you would need to show tax returns.
You will also need a month of most recent pay stubs
2 months bank statements are required,. Any large deposits need to be sourced and seasoned. Also photo ID is needed.
Minimum down-payment is 3.5% and it can be a gift from a family member or charity or borrowed from your 401k or your employer.
Feel free to call me if you need more help
Cornerstone Lending Inc
Southampton Pa 18966
215 953 0800
cell 267 992 7276
VOTED BEST IN BUCKS 2010
For documents, you usually need the following (which could vary depending on the lender):
- Last 30 days of paystubs (for people paid biweekly, this means the last 3)
- Last 2 years of W2s
- Last 2 months of bank statements (Note: submit ALL pages)
- Last 2 months or last quarterly statement of any investment accounts
- Proof of identity (usually front and back of driver's license)
- Proof if social security number (in most cases, W2s are sufficient)
- Any other supporting documents as required by the lender based on your personal situation as they may apply - such as divorce decrees, bankruptcy discharge and schedule, etc.)
Usually, you do not need to submit tax returns unless you are self-employed or own 25% or more of a business. You will sign a form to permit the IRS to release a transcript of your tax return. Virtually all lenders will require a transcript of your tax returns before settlement.