mortgage loan checklist

To prepare for your loan application appointment, it pays to familiarize yourself with the documentations that your loan officer may request:

Identification

  • Current photo identification (driver’s license or ID card) for each borrower
  • Social security card
  • Resident alien card

 Income

  • Current pay stubs (one full month)
  • W2s/1099s (last two years) and names and addresses of each employer
  • Proof of social security/retirement income (i.e., copy of check or award letter)
  • Federal tax returns, with all schedules/attachments (last two years)
  • Partnership/corporate tax returns (last 2 years)
  • Signed year-to-date profit and loss statement
  • K1s for all partnerships
  • Proof of child support income (i.e., 12 months cancelled checks)
  • Rental agreements on all rental properties

Assets

  • Bank statements, all pages (last two to three months)
  • Money market statements (last two to three months)
  • (401)k statements
  • Original gift letter
  • Copy of transfer of gift funds to escrow or your bank account (refer to us first)
  • Verification of donor’s ability to give gift funds (i.e., bank statement)
  • Copy of current mortgage note (for refinance loans only)
  • Declaration page from current hazard
  • Insurance policy or preferred insurance provider

 Credit

  • Landlord addresses (last two years)
  • Complete divorce settlement document
  • Complete bankruptcy papers
  • Explanation of derogatory credit

 

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