Documentation Requirements 

 STANDARD DOC

Required to Disclose

  • Credit Report (Cannot be older than 30 days)
  • Form W-2 (most recent 2 years)
  • Tax Return (if applicable, most recent Personal or Business)
  • Borrowers’ ID (Passport or Driver License).
  • Purchase Contract (if applicable)
  • Complete Loan Application – Including Income & Employment.
  • Submission Form Completed. Click here
  • Product and Pricing Form. Click here

Required to Underwrite (in addition to above)

  • Most recent W2 for 1 or 2 years + most recent paystubs covering at least 30 days AND/OR 1 or 2 years of tax returns.
  • Appraisal Transfer (Click here for NewPoint’s Transfer Policy)

 

BANK STATEMENTS

Required to Disclose

  • Complete Loan Application – Including Income & Employment.
  • Credit Report (Cannot be older than 30 days)
  • Borrowers’ ID (Passport or Driver License).
  • Purchase Contract (if applicable)
  • Submission Form Completed. Click here
  • Product and Pricing Form. Click here

Required to Underwrite (in addition to above)

  • 12/24 months of bank statements (Personal or Business, all months, all pages)
  • Income calculation. (Click here for submitting bank statements)
  • Appraisal Transfer (Click here for NewPoint’s Transfer Policy)
  •  

P&L ONLY

Required to Disclose

  • Complete Loan Application – Including Income & Employment.
  • Credit Report (Cannot be older than 30 days)
  • Borrowers’ ID (Passport or Driver License).
  • Purchase Contract (if applicable)
  • Submission Form Completed. Click here
  • Product and Pricing Form. Click here

Required to Underwrite (in addition to above)

  • 12/24 months P&L prepared and signed by a CPA/Tax Preparer
  • Appraisal Transfer (Click here for NewPoint’s Transfer Policy)

We will condition for:

  • Signed letter from CPA/Tax Preparer confirming that they prepared the borrowers most recent tax returns. letter needs to include the nature of the business, % of ownership, and the date established.

 

ITIN

Required to Disclose

  • Complete Loan Application – Including Income & Employment.
  • Credit Report (Cannot be older than 30 days)
  • Borrowers’ ID (Passport or Driver License).
  • Purchase Contract (if applicable)
  • Submission Form Completed. Click here
  • Product and Pricing Form. Click here

Required to Underwrite (in addition to above)

  • IRS Form 1099 documenting income.
  • Appraisal Transfer (Click here for NewPoint’s Transfer Policy)

FOREIGN NATIONAL

Required to Disclose

  • Complete Loan Application – DO NOT include income & employment information.
  • Unexpired Passport
  • Purchase Contract (if applicable)
  • Submission Form Completed. Click here
  • Product and Pricing Form. Click here

Required to Underwrite (in addition to above)

  • Copy of lease agreement(s) (if applicable)
  • Appraisal Transfer (Click here for NewPoint’s Transfer Policy)

 

STAND ALONE SECOND

Required to Disclose

  • Complete Loan Application – Including Income, Employment, & 1st Lien Info
  • Credit Report (Cannot be older than 30 days)
  • Borrowers’ ID (Passport or Driver License).
  • Purchase Contract (if applicable)
  • Submission Form Completed. Click here
  • Product and Pricing Form. Click here
  • Copy of 1st Lien Mortgage Statement

Required to Underwrite (in addition to above)

  • Income documents corresponding with the qualifying income type.
  • Appraisal Transfer (Click here for NewPoint’s Transfer Policy)

 

DSCR (1-4 RESIDENTIAL UNITS)

Required to Disclose

  • Complete Loan Application – DO NOT include Income & Employment.
  • Credit Report (Cannot be older than 30 days)
  • Borrowers’ ID (Passport or Driver License).
  • Purchase Contract (if applicable)
  • Submission Form Completed. Click here
  • Product and Pricing Form. Click here

Required to Underwrite (in addition to above)

  • Copy of lease agreement(s) (if applicable)
  • Rent Schedule to calculating DSCR ratio
  • Appraisal Transfer (Click here for NewPoint’s Transfer Policy)

 

DSCR (5-8 RESIDENTIAL UNITS & 2-8 MIXED USE)

Required to Disclose

  • Complete Loan Application – DO NOT include Income & Employment.
  • Credit Report (Cannot be older than 30 days)
  • Borrowers’ ID (Passport or Driver License).
  • Purchase Contract (if applicable)
  • Submission Form Completed. Click here
  • Product and Pricing Form. Click here

Required to Underwrite (in addition to above)

  • Copy of lease agreement(s) (if applicable)
  • Appraisal Transfer (Click here for NewPoint’s Transfer Policy)
  • Rent Schedule to calculating DSCR ratio