CONVENTIONAL LOANS

WHAT IS A CONVENTIONAL LOAN?

Conventional Loans are the most common type of mortgage loan. They are not part of a specific government program, which means that they are serviced by private mortgage lenders like banks, credit unions, and/or other financial institutions - with a majority backed by either Fannie Mae or Freddie Mac. Conventional loans typically have stricter guidelines when it comes to qualifying because the lender takes more risk than with a government-issued mortgage lender.

DOCUMENTS NEEDED FOR CONVENTIONAL LOANS

See below for documents that you may be asked for during the loan application process; however, your loan officer may also request additional documentation.

Employment

  • W-2 & 1099 Statements for Past 2 Years

  • Pay-Check Stubs for Past 2 Months

  • Self-Employed Income Tax Returns for the Past Two Years and YTD Profit & Loss Statements

 

Assets & Credit

  • Complete Bank Statements for all Accounts for Past 2 Months

  • Recent Account Statements for Retirement, 401k, Mutual Funds, Money Market, Stocks, etc.

 

Personal

  • Drivers License

  • Social Security Card

  • Any Divorce, Alimony, or Child Support Papers

  • Green Card or Work Permit (if applicable)

  • For Other Properties Owned: Mortgage Statements, Homeowners’ Insurance (HOI), Taxes, and Association Dues Information

 

Refinancing or Own Rental Property

  • Note from any Current Loan

  • Property Tax Bill

  • Hazard Homeowners Insurance Policy

  • Mortgage Statement for Current Mortgage

  • Rental Agreements for any Rented Properties