This is a list of documents required in order to process your mortgage application.
Verification of income
- Earnings statements: W-2 forms for the most recent two years,
- One month most recent pay stubs
- Most Recent Federal (we don’t need State) tax returns for the past two years;
- If you are self-employed: Year to date profit and loss statements and Federal tax returns for the two previous years; If you own a Corporation or Partnership we will need the K-1’s unless you are more than 25% owner than we will require the company returns for the most recent two years.
- Additional income: social security, overtime bonus, commission, interest income, veteran’s benefits and so on.
Verification of your assets
- Two most recent Bank Statements All pages to include, Checking, Savings, Money Market and/or Retirement
- Even if you don’t plan on using the funds the underwriter likes to see that you have the ability to save.
Information about the purchase
- Copy of the accepted purchase contract;
- If you made a deposit to escrow or the seller bring a copy of canceled deposit check.
- We will be running your credit from all three bureaus to verify your credit and fico scores.
- If you currently own any property please provide us a copy of the mortgage coupons and homeowners insurance. If it is a condo we will need a copy of the Homeowners Association coupons
- Some circumstances we may need to get copies of any divorce decrees or alimony or child support papers.
- If you have any lates, inquiries or collections on your credit we will need a letter of explanation regarding what happened.
- Remember the underwriter wants to make sure that you will pay your debts so any issues in the past need to be addressed in a letter. Now is your time to explain what happened and let the underwriter know that you are back on track.
If you have not established a credit history, supply the lender with canceled checks for rent, utilities and other recurring obligations to show payment history and amount of revolving debt.
Underwriters may also ask you about the origin of your down payment. If money for down payment is a gift from a relative, bring to our meeting a copy of the gift letter and copy of gift check. (I can supply) The gift letter states that the money will not have to be repaid.
Having these items on hand when we sit down to meet will help speed up the application process so we can get you approved for your new loan.