Use the following checklist as a guide for the types of documents you may need to provide
in order to complete your mortgage application (if applicable to your situation). Then, you
may want to find out more information about applying, such as when should you apply for a
mortgage, how you can apply and what happens after you apply.
Income Verification
- Names and addresses of all employers for the last two consecutive years
(including dates of employment and gross monthly income). Tip: Make sure to
provide the complete name and mailing address. If you work for a really big
company that has different departments in different locations, you may want to call
human resources and ask what address should be provided for employment
verifications.
- W-2s for the last two years (and perhaps even federal income tax returns from the
past two years)
- Pay stub(s) for the last 30 days
- If self-employed, the following financial
statements:
Year-to-date profit and loss statement and balance sheet prepared and signed by
an accountant and you. Signed tax returns for the last two reporting years
(business and personal). Make sure signatures are original, not photocopies, and
include all schedules.
- Supporting documentation for any other income the borrower wishes to be
considered toward qualifying including the following:
- Social Security and disability payments. A copy of the award letter must be
provided along with a recent check stub or copy of a bank statement if
deposited electronically through direct-deposit.
Pension income. You will need to provide a check stub and any forms showing
duration of payments.
- Dividends. Brokerage statements for the last 2 years or last two year's income tax
returns Schedule B-Interest and Dividend Income.
- Child support.* You will need to show proof of receipt, through a printout from
the courts or 12 months of cancelled checks. (Payments must have been received
for at least 12 months on time and must be scheduled to continue at minimum
another 36 months to count as qualifying income, depending on the product and
program for which you are applying).
- Alimony.* You will need to provide a complete copy of your divorce or legal
separation documents which documents alimony to be received. You will also need
to show proof of receipt, through a printout from the courts, 12 months of
cancelled checks or tax returns.
- Bonuses. This can be counted if the buyer has received it for the past two years.
* Overtime. If the buyer's employer will guarantee that it will continue, overtime
may be included as an income source.
- Rental property income. This information can be provided in income tax returns for
the past two years verifying rental income. The applicant should provide leases, if
possible.
* Note: you do not have to disclose alimony, child support or separate maintenance
income unless you want it considered as a basis for repaying the obligation.
Asset Verification
- Gift letter if you are receiving a monetary gift from a relative
- Bank statements and/or passbooks for the last three months which include account
names, addresses, account numbers and balances for the following:
• Checking accounts
• Savings accounts
• Credit unions
• Mutual Fund accounts
• IRA, 401(k) accounts
• Security accounts (stocks, bonds, life insurance)
• Title of any car you own (if less than five years old)
Debt Verification
- The most recent statement or payment booklets for present creditors, which should
include name of creditor, addresses, account number and balance.
- Car loans
- Outstanding Student Loans
- Credit Card accounts
- Include Documentation of current mortgage or home equity loan which includes last
12 months' cancelled mortgage checks, most recent statement and lender name
address, account number and balance.
- Name and address of present landlord along with last 12 months' cancelled rent
checks.
- A complete copy of any divorce decree or separation agreement to document
alimony or child support.
- A copy of any bankruptcy proceedings including Petition for Bankruptcy (debtors
petition), Schedule of Bankruptcy (list of creditors) and Discharge of Bankruptcy. An
explanation letter should also accompany the above documents.
- Explanation letter for any judgments with a copy of release/satisfaction.
- Explanation letters for other delinquent credits of record (late payments, liens,
foreclosure)
Property Verification
- Fully executed copy of purchase agreement. If a new construction loan, you may
need to provide copies of plans and specifications.
- Legal description of the property being purchased. (May be obtained by real estate
agent).
- Copy of listing sheet or property information sheet (if multiple listing). (May be
obtained by real estate agent).
- If you are in the process of selling a home, you will need to provide the fully executed
contract of sale along with copy of the HUD-1 closing statement on the home before
closing on the new home.
- Schedule of real estate owned including: name of lender, account number, original
purchase price, principal balance, monthly payment, copies of rental agreement
(leases only), type of property, etc., signed tax returns for the past two reporting
years. (Make sure signatures are original, not photocopies, and include all schedules)
Other Documentation
- A list of your addresses of residences for the last two years.
- If you were a full-time student at any time in the past two years, a copy of your
diploma or transcripts
- Social Security Number
- Relocation agreement (if you were transferred into the area).
- Check for the application fee (if required)
- If you are a resident alien, evidence of permanent residency issued by INS (a.k.a.
green card)
- Names, addresses and phone numbers of all parties involved in this transaction,
including attorneys and/or closing agent and real estate agents*
- Copy of recorded deed (refinance only)
As me about helping you with your PreApproval
Depending upon the product and program for which you are applying, additional
information may be required.
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