What Do I Need to Complete
My Mortgage Application?

Once you have applied for your mortgage loan, the next step is to gather the documentation required to get your loan fully approved.  If you have any questions about the documentation listed below, please contact your Mortgage Loan Consultant.

Income Documentation

Employed Borrowers (not self-employed)

  • The most recent Paystubs covering a 30-day period (if paid bi-weekly, three (3) consecutive paystubs)
  • Last two (2) years W-2’s for each borrower
  • Personal Tax Returns and all schedules for the last two (2) years

Self-Employed Borrowers

  • Last two (2) years W-2s, K-1s, and 1099Rs for each borrower
  • Verification of Business (if self-employed)
  • Personal Tax Returns and all schedules for the last two (2) years
  • Corporate/Business Tax Returns for the last two (2) years (If applicable)
  • Signed Year-to-Date Profit and Loss Statement for all businesses (if applicable)

Retired Borrowers

  • Retirement Income - Plan Administrator name/number for verification of three- (3) year continuance
  • Copy of Social Security Award Letter [if SSI Disability, provide evidence that it will continue for three (3) years]
  • 1099’s for the most recent 2 years 
  • Personal Federal Tax Returns for the most recent 2 years

Other Income

  • Copies of all Leases for any rental properties purchased within the last twelve (12) months
  • Copies of Recorded Separation Papers, Child Support Court Order or Final Divorce Decree
  • Child Support or Alimony - Documentation for receipt of income for the last month (if used to qualify for the loan)
  • Copy of College Transcripts or your Diploma Decree [if you were in school in the last two (2) years]

Asset Documentation

  • Copies of your most recent two (2) months’ Bank Statements for all accounts listed on the application (include all pages even if blank)
  • Copies of your most recent two (2) months’ Retirement and/or Stock Statements (include all pages even if blank)
  • Terms and Conditions for withdrawal of 401(k) funds (if used as assets/reserves on the application)

Purchase Transactions

  • Fully executed Sales Agreement for the subject property, including all pages and addenda
  • Fully Executed Gift Letter (if applicable), including Donor’s Bank Statement and updated Borrowers’ Bank  Statement, showing the funds cleared and deposited (all pages of the statements are required)
  • Canceled Earnest Money and Due Diligence checks
  • Corresponding Bank Statements showing the earnest money/due diligence checks have cleared the account (all pages of the statement are required)
  • Documentation of any deposits (not payroll) showing on bank statements, including copies of checks and a list of the sources of the funds
  • Copy of HUD1, Sales Contract or Listing Agreement for the sale of your current home
  • VA Loans - Copy of your DD214, Original Certificate of Eligibility and, if subsequent use, then previous HUD1

Other Items

  • Insurance Agent’s Name and Phone Number
  • If refinancing, Hazard Insurance Declarations Page
  • If purchasing, Insurance Quote
  • Attorney’s Name and Phone Number if you have someone specific you wish to use
  • If currently renting, Landlord’s Name and Phone Number for the past twenty-four (24) months
  • Copies of Mortgage Statements, Tax bills, HOA dues and Insurance Policies for all properties owned
  • Credit Inquiry Letter [explaining all inquiries in the last one hundred twenty (120) days]
  • Credit Explanation Letter (only applicable if borrower has derogatory credit)
  • Alerts on Credit Report addressed (if applicable)

Be prepared to provide the lender with funds to cover the appraisal fee. This fee can range from $495 to $700+, depending on the appraisal type and the size of the home. It can be paid with a debit card, charge card or electronic deduction from your bank account.

Based on your personal situation and the type of transaction, additional documentation may be required.

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