Table of Contents
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.
- Copy of signed sales contract including all riders
- Verification of the deposit you placed on the home
- Names, addresses and telephone numbers of all realtors, builders, insurance agents and attorneys involved
- Copy of Listing Sheet and legal description if available (if the property is a condominium please provide condominium declaration, by-laws and most recent budget)
- Copies of your pay-stubs for the most recent 30-day period and year-to-date
- Copies of your W-2 forms for the past two years
- Names and addresses of all employers for the last two years
- Letter explaining any gaps in employment in the past 2 years
- Work visa or green card (copy front & back)
If self-employed or receive commission or bonus, interest/dividends, or rental income:
- 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 of the extension.)
- 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 the 1040.)
- Completed and signed Federal Partnership (1065) and/or Corporate Income Tax Returns (1120) including all schedules, statements and addenda for the last two years. (Required only if your ownership position is 25% or greater.)
If you will use Alimony or Child Support to qualify:
- Provide divorce decree/court order stating amount, as well as, proof of receipt of funds for last year
If you receive Social Security income, Disability or VA benefits:
- Provide award letter from agency or organization
Source of Funds and Down Payment
- Sale of your existing home – provide a copy of the signed sales contract on your current residence and statement or listing agreement if unsold (at closing, you must also provide a settlement/Closing Statement)
- Savings, checking or money market funds – provide copies of bank statements for the last 3 months
- Stocks and bonds – provide copies of your statement from your broker or copies of certificates
- Gifts – If part of your cash to close, provide Gift Affidavit and proof of receipt of funds
- Based on information appearing on your application and/or your credit report, you may be required to submit additional documentation
Debt or Obligations
- Prepare a list of all names, addresses, account numbers, balances, and monthly payments for all current debts with copies of the last three monthly statements
- Include all names, addresses, account numbers, balances, and monthly payments for mortgage holders and/or landlords for the last two years
- If you are paying alimony or child support, include marital settlement/court order stating the terms of the obligation
- Check to cover Application Fee(s)
- What is a credit report?
- Do I have a right to know what’s in my report?
- What type of information do credit bureaus collect and sell?
- What is credit scoring?
- Why is credit scoring used?
- How is a credit scoring model developed?
- How reliable is the credit scoring system?
- What can I do to improve my score?
- What happens if you are denied credit or don’t get the terms you want?
- Fair Credit Reporting Act
Private Mortgage Insurance (PMI)
- What is Private Mortgage Insurance (PMI)?
- How Does Private Mortgage Insurance (PMI) Work?
- Could Obtaining Private Mortgage Insurance (PMI) Help Me Qualify for a Larger Loan?
- How Much Does Private Mortgage Insurance (PMI) Cost?
- How is Private Mortgage Insurance Paid?
- How Does the Buyer Apply for PMI?
- What is the History of Private Mortgage Insurance (PMI)?
- Cancellation of Private Mortgage Insurance (PMI)
- PMI Companies (Names & Addresses)
- When should I refinance?
- Should I refinance if I plan on moving soon?
- How much will it cost me to refinance?
- What are points?
- Should I pay points to lower my interest rate?
- What does it mean to lock the interest rate?
- Should I lock-in my loan rate?
- I’ve had credit problems in the past. Does this impact my chances of getting a home loan?
- I’ve only been late a couple of times on my credit card bills. Does this mean high interest rates?
- Should I choose the lender with the lowest interest rate and costs?
- Refinance Calculator