Mortgage Application Checklist

The following is a helpful checklist of items you’ll need when you apply for a loan. Also, check out this great tutorial on applying for a home loan, and read more about home loans here.

All Borrowers

1. Copies of W-2s for the past two years;
2. Copies of the two most recent consecutive pay stubs showing year-to-date earnings;
3. Copies of checking and saving account statements for past three months (all pages);
4. Copies of quarterly or semi-annual statements for checking, savings, IRAs, CDs, money market funds, stocks, 401k, profit sharing, etc.;
5. Copy of sales contract when ratified;
6. Employment history for the previous two years (address any gaps of employment);
7. Residency history during the past two years, with name, phone number, address and account number of land or mortgage company; for rental property, copies of leases;
8. Canceled earnest money check when it clears or corresponding bank statement, if applicable;
9. Commissioned income – if 25% or more of base, must have tax returns;
10. Check for the expense of appraisal and credit report;
11. Refinance copy of note, deed of trust, settlement statement, survey and insurance information;
12. Any assets used for down payment, closing costs and cash reserves must be documented by a paper trail;
13. If paid off mortgage in the past two years, need copies of HUD1;
14. Copy of driver’s license for applicant and co-applicant;
15. Copies of your past two years’ tax returns;
16. Copy of Social Security Card for each applicant and co-applicant.

Self-Employed Borrowers

1. Copies of your past two years’ tax returns (with all schedules, including K-I’s if applicable);
2. Copy of current profit and loss statement and balance sheet;
3. Copy of corporate/partnership tax returns for last two years if owning 25% or more of company plus copies of W-2s and/or 1099 forms.

Documents that may be required

1. Relocation agreement if move is financed by employer (i.e. buyout agreement plus documentation outlining company-paid closing costs benefits);
2. If you’ve had a previous bankruptcy, bring copies of petition for bankruptcy and discharge, including supporting schedules;
3. Divorce decree (if applicable);
4. Documentation supporting monies received from Social Security/retirement trust income, i.e. copies of direct deposit bank statements, awards letter or evidence income will continue.

Documents needed for FHA/VA loans

1. FHA: Copy of Social Security Card and driver’s license for each applicant and co-applicants;
2. VA: Original certificate of eligibility and copy of DD214 discharge paper;
3. VA: Name and address of nearest living relative.