What to Know: Submitting Documents

A good lender is a thorough lender. It may seem like CFCU asks you to provide too many or very personal documents, but to give you a loan, CFCU needs to decide that you can pay it back. This process benefits you too-providing full information now helps make sure you can keep your home later. 

Expect to work with multiple people associated with CFCU. CFCU has specialized staff works on processing and underwriting (approving) your loan. 

If you receive regular income from a non-employment source, be prepared to submit additional documentation. You may have regular income from sources other than employment, such as child support, alimony, or rental income. If you rely on this income, CFCU needs proof that this income can reasonably be expected to continue in the future at the same level. 

If you have made one or more large deposits into your bank account recently, be prepared to document the source of the money. It's common for home buyers to have large deposits in their bank records, especially when transferring money between accounts in preparation for a home purchase. CFCU is required to verify the source of your income and down payment funds. Requirements vary per product, so ask CFCU what documentation you need. 

Don't submit incomplete documents. Include every page of multi-page documents, even ones marked "intentionally left blank." Make sure that the full website address is included on the bottom of each page when printing online documents. Bank statements/print outs must show account owners and contain all pages. 

Some types of loans do not allow you to use gift funds for the down payment. If some of your down payment funds are a gift, ask you rloan officer now whether the gift funds are allowed with the loan you've chosen. 

You can't bring actual cash to closing. Your lender, real estate agent, and even your Loan Estimate form all talk about your "cash to close" or the amount of money you need to bring to closing. The money you bring to closing typically needs to be in the form of a cashier's check or wire transfer from a bank. Confirm with your closing agent what form of payment you will need.