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.
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