REQUIRED DOCUMENTS FOR PROCESSING YOUR LOAN

How long does it take for your loan to be approved? It is largely dependent on how fast you provide the information we request. Providing your information quickly will help to make sure your loan closes as quickly as possible.

REQUIRED FOR ALL APPLICANTS:

  • Picture ID (photo of front and back is required)

INCOME DOCUMENTATION

  • Copy of the most recent two pay stubs for all borrowers
  • Copy of the most recent two years W-2 forms for all borrowers (or year-end pay stub)
  • Clients with income from social security or other retirement sources will typically be required to provide a minimum of 3 months complete bank statements to verify receipt of the income.  In some cases, additional income documentation may be required.
  • Clients with social security income will also need to provide their current awards letter. 
  • Clients who receive child support or alimony will need to provide the court order or other acceptable evidence showing the amount of income received. As a general rule of thumb, child support and/or alimony income must be received for a minimum of six months and must continue for a minimum of three years to be counted.

If you are self-employed, have rental income or income from a business or partnership you will be required to provide the following:

  • COMPLETE copy of the most recent two years personal federal tax returns (all pages and all schedules), including any K-1 forms.
  • If you have ownership in a business that is 25% or greater, you will also be required to provide a COMPLETE copy of the business federal tax return for the business as well (all pages and all schedules)
  • Year to date profit and loss statements may be required.
  • In some cases, documentation requirements can vary depending on the loan program you are eligible for. We will discuss these options with you as they relate to your specific situation.

All sources of income are subject to review by the bank. In some cases, you may be required to provide documentation over and above as outlined on this page.  We will only ask you for additional documentation if necessary to obtain your loan approval.

ASSET DOCUMENTATION

We are required to verify all funds required for your loan closing. This tends to cause the most discomfort for clients but is necessary to obtain your final approval.

  • To make the process of verifying funds easier, we do offer an electronic validation service. This service allows us to obtain the required bank statement information directly from your bank through our verification service. This service is safe, secure, free and will expedite your loan approval.
  • Clients who do not wish to use our verification service may provide copies of statements. A complete copy of your most recent two months bank (asset) statements for all accounts that will be used to fund any cash required for closing is required.
  • If you have large or unusual cash deposits, be prepared to explain where those funds came from. As a side note, if your bank statement has 4 pages and the 4th page is blank, we will still need a copy of all pages, including the 4th page that is blank.
  • A printout from your bank is not acceptable unless we can verify from the printout that the account belongs to you (as well as being able to verify the bank that the account is with). Depending on your bank and the items included in the printout, it may or may not be acceptable.
  • If you will be receiving funds from a gift for part or all of your down payment, please let us know as special requirements apply.
  • If your down payment is from cash on hand, please contact us to discuss documentation requirements.
  • If your down payment is coming from the sale of your home, we will need evidence that it is sold and that you have received the funds from the sale prior to closing on your new home.
  • While retirement accounts are not always necessary to be verified, there are times we may ask you to verify retirement account to assist us in getting your loan approved.

PROPERTY INFORMATION

If you are purchasing a home, we will need the following:

  • Your realtor’s name and contact information
  • A copy of your complete purchase agreement (with any addendum)
  • A copy of any deposit you have made with your realtor
  • Prior to closing we will need evidence you have paid for the first year of homeowners insurance for your new home

If you are building a new home, we will need the following:

  • Your builder’s name and contact information
  • A copy of the purchase agreement for the land you will be building on (if you do not already own the land).
  • If you own the land, you will be building on, we will need a copy of the deed or survey that shows the legal description for your property.
  • We will need your final contract, plans and specifications for your new home (often times your builder will provide this)
  • Prior to closing we will need evidence of Builder’s Risk Insurance. This may be provided by you or your builder (depending on your contract terms)

If you are refinancing a home, we will need the following:

  • A copy of your most recent mortgage statement (if you are not a current Dart Bank mortgage customer)
  • A copy of any home equity loan statements (if applicable)
  • A copy of your current homeowner’s insurance policy

You can safely and securely upload documents to us by using this link:
IQ loan portal
If you have not started an application, you can also send us information securely by clicking here.

We know the amount of documentation necessary to obtain your loan approval can seem a little overwhelming.  We try to keep the documentation to the bare minimum necessary to obtain your loan approval.  Being responsive and prepared will help to expedite your loan approval.

Clients who are uncooperative or provide incomplete documentation may cause delays and/or jeopardize their ability to obtain an approval.

Questions or concerns? Feel free to contact us.