Mortgage Documentation Requirements

Mortgage Documentation Requirements

When you are planning for a mortgage application, one of the most important steps you can take before you apply is to gather the documentation you may need to supply with your application. Which loan you select will determine the exact documentation requirements. We have categorized the requirements for your convenience.

Income Documentation

Last 2 years W2 forms.
Last 2 pay stubs (covering 1 month).
Last two years signed 1040s, all schedules if 25% or more of your income is from self employment, overtime, commissions, or employment by a relative.
Last 2 years business tax returns if you own 25% or more of a business.
Current business income statement.
Proof of Social Security, pension, or disability income.

Asset Information

Last 2 months bank statements - all pages.
Last quarter investment or trust accounts
Copies of stocks, bonds, or US savings bonds
Current statement for 401(k) or IRA accounts
Real Estate you now own: address, current value, loan balance, monthly payment, and rental income if any.
Listing agreement and sales contract if selling your current home.
Value of autos, boats and any other personal property.

Liability Information

Complete list of current debts and minimum monthly payments (may be taken from credit report).
Last 12 months cancelled checks (front and back) for rent or land contract.

Home Information

Copy of your sales agreement.
Copy of the MLS listing card.

Miscellaneous Information which may be required

College diploma if graduated within last two years.
Copy of Drivers License or picture ID at closing.
Gift letter signed by donor and proof of receipt.
Landlords contact information.
Copy of your earnest money deposit check.
Contact name and phone for appraisers access to property.
Your Realtor's contact information.

As an alternative to the above requirements, we offer a series of reduced and no documentation loans for clients with difficult to verify income or asset situations or if you are self employed.