What documents are required to apply for a loan with RCS?

When applying for a loan with Residential Credit Solutions (RCS), applicants typically need to provide several key documents to assist in the underwriting process. These documents help the organization assess the borrower’s financial situation and determine eligibility for the loan. First and foremost, applicants will need to submit proof of identity, which can be accomplished with a government-issued identification, such as a driver's license or passport. Financial documentation is also crucial. This usually includes recent pay stubs that cover at least the last thirty days, W-2 forms from the past two years, and possibly tax returns from the last two years to verify income. Apart from income verification, documentation regarding assets is important. This can encompass bank statements for checking and savings accounts, investment account statements, and other documentation that showcases the applicant's assets. If the individual is self-employed, additional documentation may be required, such as profit and loss statements or business tax returns. Furthermore, if applicable, information regarding existing debts is needed. This includes documentation for any current mortgages, car loans, or credit card statements, which can help assess the applicant's debt-to-income ratio. Overall, while these are common requirements, it is always wise for applicants to check the latest information on RCS's official website for any updates or specific requirements that may pertain to their unique situation.