Mortgage Basics

Application Checklist

Below is a list of documents that are required when you apply for a mortgage. However, every situation is unique and you may be required to provide additional documentation. So, if you are asked for more information, be cooperative and provide the information requested as soon as possible. It will help speed up the application process.

Your Property:

1. A copy of the signed sales contract, including all riders.
2. Verification of the deposit you placed on the home.
3. Names, addresses, and telephone numbers of all realtors, builders, insurance agents, and attorneys involved.
4. A copy of the listing sheet and legal description if available (if the property is a condominium, please provide the condominium declaration, by-laws, and most recent budget).

Your Income:

1. Copies of your pay stubs for the most recent 30-day period and year-to-date.
2. Copies of your W-2 forms for the past two years.
3. Names and addresses of all employers for the last two years.
4. A letter explaining any gaps in employment in the past two years.
5. Work visa or green card (copy front & back).

If self-employed or receive commission or bonus, interest/dividends or rental income:

1. Provide full tax returns for the last two years plus year-to-date profit and loss statement (please provide complete tax return including attached schedules and statements; if you have filed an extension, please supply a copy).
3.K-1's for all partnerships and S-corporations for the last two years (please double-check your return; most K-1's are not attached to form 104).
4.Completed and signed federal partnership (1065) and/or corporate income tax returns (112) including all schedules, statements, addenda for the last two years (required only if your ownership position is 25% or greater).
6.If you will use alimony or child support to qualify:
7.Provide divorce decree/court order stating amount as well as proof of receipt of funds for last year.

8.If you receive social security income disability or VA benefits:
9.Provide award letter from agency or organization.

Source Of Funds And Down Payment

1.Sale Of Your Existing Home - Provide a copy of signed sales contract on current residence as well as statement/listing agreement if unsold(at closing must also provide settlement/closing statement)
2.Savings Checking Or Money Market Funds - Provide copies bank statements past three months
3.Stocks And Bonds - Provide copies statement from broker/copies certificates
4.Gifts If part cash close provide gift affidavit proof receipt funds

Based on information appearing on application/credit report may be required submit additional documentation

Debt Or Obligations

Prepare list names addresses account numbers balances monthly payments current debts with copies last three monthly statements
Include names addresses account numbers balances monthly payments mortgage holders/landlords past two years
If paying alimony/child support include marital settlement/court order stating terms obligation
Check cover application fee(s)