Simple Mortgage

What do I need?

Provided below is a list of the information you should collect and have ready when you apply for your loan. Original documentation, when available, is preferred. We will make a certified copy for our file and return the original document(s) to you promptly.

Income Documentation:

  • Hourly or Salaried Employment - Original W-2s for the past two years and original paycheck stubs covering most recent 30 days
  • Self-Employed - Please ask The Union Bank to mail or fax you a Self-Employed Documentation Checklist
  • Retired - Original Social Security Award Letter or Pension Award Letter

Other Income: If you would like for The Union Bank to consider income from child support, alimony, or separate maintenance, the following will be required:

  • A 1-year history of receipt with 3 years remaining on the agreement
  • A copy of fully executed divorce decree, if applicable
  • Evidence of 1 full year receipt of payments

Assets: To verify evidence of sufficient funds for closing, the following will be required:

  • Two most recent original statements (all pages) for all checking, savings, or other asset accounts (If applying for a VA loan, provide 3 months original statements.)
  • If receiving a gift from a family member, please ask The Union Bank to mail or fax a gift letter form to be completed and signed by the donor

Obligations: To verify financial obligations (debts) other than consumer credit accounts:

  • Provide copy of the fully executed Divorce Decree indicating amount of child support, alimony, or separate maintenance payments, if applicable

Property: Provide copy of fully executed Purchase Contract, signed by real estate agent(s) and owner(s).

What is My Downpayment?

This is the amount of money you have available to put down toward the purchase of a home. The down payment and the loan amount make up the purchase price of the home.

What sources can I draw from for my down payment?

Examples of acceptable sources for your down payment are savings accounts, money market accounts, the sale of real estate, stock liquidation, IRAs, 401(k), cash value of a life insurance policy, brokerage accounts, retirement accounts and gifts.