Required Documents

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To properly qualify you for financing Flagship Financial Group asks that you provide the applicable documents as outlined below. Please take time to carefully review and acquire all applicable documents. We want to avoid needless frustration & surprises during your transaction. Therefore, review the comprehensive list of necessary documents. The documents are requested as they apply to your individual circumstances. Should there be more than one borrower on the loan provide documents for each.

Income

• Last 2 years W2s, 1099s
• 2 most recent tax returns (10402 all schedules)
• 2 most recent pay stub(s) covering one month period (must show year to date earnings)
• Retirement, pension, and social security income provide aware letters(s) for all
• Official Bank statement all pages showing receipt of retirement income
• Alimony and/or child support provide final divorce decree with all schedules
• 3 most recent Official Bank statements all pages evidencing receipt of payment
• Disability Income provide awards letter
• Official Bank statement all pages showing receipt of disability income
• Interest or dividends provide previous 2 years 1099 forms & current account statement showing funds in same account as last reported on tax return
• Rental income provide most recent tax return which must show profit/loss & current lease agreement
• Any “OTHER” Income (provide award letter or verification type documentation showing 2 year history. Must evidence income will continue for 3 years after closing)
• Self-employment & 1099 (commission) Borrower
• Last 2 years 1099s and 1040s with all schedules, all pages
• Last 2 years Business tax return(s) all schedules, all pages
• Year-to-date profit and loss (P&L) statement
• Most recent official Business Bank statements all pages supporting the P&L
• CPA letter or contract information for verification of business as operational
• Current Business license (covering 2 year period if possible)

Assets

• Checking/Savings/Liquid Assets 2 most recent months statements all pages, all accounts
• 402 (K), IRA, Money Market, Stocks, Bonds, CD’s 2 most recent months statements all pages, all accounts
• If withdrawing funds from account (401K) provide terms of withdrawal & repayment
• Life insurance policy with Cash Value 2 most recent months statements all pages, all accounts
• Home Equity Line of Credit most 5recent statement with copy of line of Credit Agreement showing terms of loan
• Gift funds provide gift letter from donor, statement from donor’s account showing funds available, copy of check payable to borrower, & evidence of deposit into borrower’s account
• Large Deposits/Abnormal activity provide signed explanation letter & document where the deposit was from & provide supporting documentation

Mortgage History/Rental

• Landlord contact information for previous two years
• Mortgage account statements for all mortgages showing taxes & insurance “escrowed”
• For all accounts not showing taxes & insurance as escrowed provide a most recent insurance declarations page & tax bill showing annual amounts due

Employment

• Employer HR contact information for previous two years all borrowers
• If employer uses theworknumber.com to verify employment provide company ID, employee ID, & salary key

Investment Properties

• Signed lease agreements showing address, tenant, monthly payment, expiration date all properties currently leased

Identification

• Social Security Card legible, all borrowers
• Driver’s license/state issues ID legible, all borrowers

Property

• Home Insurance Agent contact information for selected provider
• Purchase Contract (if a purchase), or if you are selling a property showing on your credit report or loan application
• MLS sheet (if a purchase) once available obtain form real estate agent. This document shows HOA & tax information
• Title/Escrow contact information (specify any preference or if a purchase the real estate agent can provide this information)
• Real Estate Agent contact information (if a purchase)

Special Circumstance Documents

• Divorce provide divorce decree all pages, all schedules showing alimony & child support
• Bankruptcy provide bankruptcy paperwork all pages, all schedules & discharge
• Student Loans provide evidence of enrollment
• Student loan statements all accounts showing loans deferred for more than 12 months after mortgage loan closing include terms of deferment
• Veteran provide DD214 (if possible) 
• Condo/Town home property provide name of home owner’s association & name of the condo or development
• Credit Inquiries provide a signed explanation letter detailing any inquiries on your credit report in the past 90 days. Indicate if new credit was granted & what it was for. If account does not show on credit provide statement showing account. If no credit was granted state no credit granted.
• “Cash Out” transaction provide explanation as to the intent of the transaction
• Extension of tax return filing provide copy of the extension request
• Letter explanation any Bankruptcy, derogatory credit, late payments