Mortgage Application Documents

In general, the list below outlines the typical information that may be needed to complete a loan application and to start the loan process . The documentation that will be required will vary from borrower to borrower. Depending on the loan program and your particular financial and credit situation will eventually determine exactly what documentation you will need to supply.

If you are applying for the loan with a co-applicant, try to arrange a meeting with your loan officer for both of you at the same time. Being prepared for each meeting with your lender will aid the loan process and keep the time factor to a minimum.

To print a copy of the Application Checklist below  “Click Here”

To print a copy of the Tips for a Smooth Mortgage Approval – Do’s and Don’ts “Click Here”

To review a blank copy of the mortgage application (1003) “Click Here”

Borrower (and Co-Borrower) Information

  • Your photo identification (Driver’s License)
  • Your Social Security card (Government loans only – FHA/ VA)
  • Resident Alien Card (Green Card), if applicable
  • Your home address for the last 2 years

Borrower (and Co-Borrower) Employment Information

  • The name, address, and phone numbers of your employers over the past 2 years
  • Your academic transcripts or diploma if you have been a student with in the past two years

Borrower (and Co-Borrower) Proof of Income

If you are employed and paid hourly or receive a salary

  • Your most recent two pay stubs showing the last 30 days of pay
  • Your W-2 and 1099 forms for the past 2 years

If you are self-employed or if you receive commissions and (or) any bonus

  • Your past 2 years personal income tax returns including all schedules
  • You must recent two pay stubs showing the last 30 days of pay, if applicable 
  • Any W-2, 1099, and (or) K1 forms for the past two years, if applicable 
  • Extension forms (personal and business), if applicable
  • CPA’s contact information: name, phone number, and e-mail (self-employed only)
  • Current YTD Profit & Loss statement for your Business (self-employed only)

If you own a Corporation

  • The last 2 years business income tax returns including all schedules
  • Plus any items listed above under self-employment, if applicable 

If you are part of a Partnership

  • The last 2 partnership income tax returns including all schedules
  • Plus any items listed above under self-employment, if applicable

Proof of Rental Income

  • Any current lease agreements
  • Your past 2 years income tax returns including all schedules

Proof of Interest & Dividend

  • Your past 2 years income tax returns including all schedules
  • Need recent Bank / Investment statements to verify you currently still have the ability to earn future income from these sources  

Proof of Notes Receivable

  • A copy of the notes
  • Your past 2 years income tax returns including all schedules
  • Verification of receipt for the past 12 consecutive months in form of cancelled checks or Bank statements from the third party

Proof of Social Security or Pension (Retirement Income)

  • Your award letter
  • Your W-2 and 1099 forms for the past 2 years
  • Proof of recent receipt of payment (either check stubs or your current bank statement)
  • Pension income requires proof of continuance (minimum of 3 years). Letter from your Pension Provider.

Proof of Child Support or Alimony

  • One year’s cancelled checks or proof of receipt

Borrower (and Co-Borrower) Assets

  • Your current statements for the past 2 months for any financial institution where you have funds on deposit including Banking, Investment, and Retirement accounts.
  • The estimated value of your personal property including automobiles and real estate owned
  • If receiving any funds in form of a gift you will need to supply the Donor’s; name, address, phone number, relationship to you, and Donor’s Bank name and account number the funds will originate form. Lender will supply a gift letter to be signed by you, the borrower and the Donor. Please do not transfer or take receipt of any gift funds prior to speaking with your loan officer first.
  • A copy of the cashiers gift money check, if applicable
  • Proof of deposit of gift funds, if applicable (a stamped deposit slip or recent transaction history)

Tip: Avoid making any large deposits in any of your accounts if possible. Consult with you loan officer prior to making any large deposits. Deposits other then your income may need to be sources.

  • Explanation letters and paper trail documents to source where the funds originated from may be required for any monies deposited into your account other than from your employer

Borrower (and Co-Borrower) Credit Liabilities

  • Explanation letters for an adverse credit that may show up on your credit report, if applicable
  • 12 consecutive months worth of passed payments in form of cancelled checks or Bank statements from any debt in your name that is paid by a third party

Purchase Information

  • Fully executed contract and all addendums
  • Fully executed short sale agreements, if applicable
  • Copies of any earnest checks for any funds held in escrow

Refinance Information

  • Current Title Policy
  • Survey

Subject Property Information

  • Home Owners Association (HOA)/ Maintenance payment information

Information on Any Currently Owned Property

(other than the subject property)

  • Recent mortgage statement
  • Recent property tax bill (only required if tax payments are not escrowed and included on mortgage statement)
  • Current insurance policy (only required if insurance payments are not escrowed and included on the mortgage statement)
  • HOA monthly payment verification. Either with a coupon book stub, letter from the HOA verifying the monthly payment, or possibly a bank statement

Contact Names and Information

  • Realtor’s name, phone number, and e-mail address (purchase transactions only)
  • Title Company’s name, phone number, and e-mail address
  • Insurance Agent’s name, phone number, and e-mail address
  • Home Owners Association (HOA) name and phone number (Condos and attached properties only)
  • Landlord’s name, phone number, and e-mail address for over the past 2 years, if applicable

Miscellaneous

  • Divorce or Legal Separation agreement, if applicable
  • Child Support Documents (Court Order), if applicable
  • Bankruptcy and Discharge Papers, if applicable
  • Trust agreements, if applicable (if the Title or any of your Bank/ Investment accounts are held in a name of a Trust)
  • Credit Card information for any upfront cost such as an appraisal

 

To print a copy of the Application Checklist above “Click Here”

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