Mortgage Application Checklist
Salaried borrowers:
☐ Pay stubs for all borrowers for the last 30 days.
☐ W-2 forms for all employment for all borrowers for the previous 2 years.
☐ Names, phone numbers and addresses of each employer (for the past 2 years), including dates of employment. If you work for a large company, you may want to contact human resources to find out which address should be provided for employment verifications. This will speed up the process.
Self-employed borrowers:
☐ Personal tax returns (for the last 2 years including all schedules).
☐ Business tax returns (for the last 2 years including all schedules).
☐ Current financial statement, signed and dated, including balance sheet and profit and loss statement.
☐ 1099s if applicable.
Commissioned/Bonus Borrowers:
☐ W2 forms.
☐ Complete copies of previous 2 years personal tax returns including all schedules.
☐ Pay stubs for the last 30 days.
If you own more than 25% of a business:
☐ Corporate or partnership tax returns (for the last 2 years including all schedules).
If you own rental property:
☐ Copies of current rental agreements, fully executed.
If you are refinancing:
☐ Copy of your mortgage statement if there is a lien to be paid off.
☐ Copy of your most recent homeowner's insurance bill.
If you have a pension:
☐ Pension award letter, pay stubs, and any forms showing duration of payments.
☐ 2 years of 1099s.
If you receive social security and/or disability payments:
☐ Provide a copy of your award letter along with a recent check stub or copy of a bank statement if the funds are deposited electronically through direct deposit.
☐ 2 years of 1099s.
Asset verification:
☐ Make, model, year and estimated value of all automobiles.
☐ Copies of titles to any motor vehicles that are paid in full (if less than 5 yrs old).
☐ Present value of all real estate owned.
☐ Provide the address of your bank branch.
☐ Copy of the past 2 months statements (including account names, account numbers, addresses, and balances) on the following accounts:
☐ Checking (all accounts, all pages).
☐ Savings
☐ Mutual fund accounts
☐ Stocks, bonds, life insurance
☐ Moneymarket
☐ Retirement accounts (IRA, 401k, etc.)
☐ Other
Debt verification:
Tip: It's a good idea to obtain a free credit report for each borrower at www.annualcreditreport.com. Your credit report should list all of your debts, which is helpful to make sure that you don't forget something (like a motorcycle payment). Highlight each debt, and then contact the creditor to obtain an up to date balance. Then provide a listing of all debts including the name and address of all creditors, account numbers, monthly payments and balance owed for the following outstanding obligations:
☐ Mortgage loans
☐ Credit cards
☐ Personal loans
☐ Automobile loans
☐ Student loans
☐ Other
If you have made any large deposits to your accounts within the last 90 days:
☐ Source of deposit and explanation letter.
☐ Copy of deposit receipt.
☐ If the deposit was a gift, include a signed gift letter. Here is a sample gift letter:
Date of letter
To whom it may concern,
The purpose of this letter is to state that I am giving my (relationship between donor and recipient), (recipient’s name), a gift of ($XX,XXX) to be used toward the purchase of a home. There is no expectation of repayment of this gift.
Sincerely,
(donor’s signature)
Property information:
☐ Purchase agreement.
☐ Copy of your cancelled earnest money checks.
☐ Legal description of the property. (May be obtained from the real estate agent.)
☐ MLS listing sheet. (May be obtained from the real estate agent.)
☐ If your current home is for sale, copy of the listing contract.
☐ If new construction, provide plans/drawings and specifications, copy of the builder's contract, copy of settlement statement from the land purchase (if owned less than one year).
☐ If you are in the process of selling your home (signed purchase agreement but you haven't closed yet), provide a copy of the purchase agreement as well as a copy of the HUD-1 settlement statement.
For VA loans:
☐ Copy of DD214 form (aka separation papers).
Miscellaneous:
☐ Residence addresses for the past 2 years.
☐ Complete mailing address for mortgage holder and/or landlord for the previous 2 years.
☐ Copy of photo id for all borrowers.
☐ Copy of social security cards for all borrowers.
☐ If applicable, copies of 12 months of cancelled rent checks. Also include the name and address of your landlord.
☐ Relocation agreement (if you were transferred to the area).
☐ If you were a full-time student during the last 2 years, a copy of your diploma or transcripts.
☐ Name, phone number, address and email address for your real estate agent.
☐ Name, phone number, address and email address for your attorney (if applicable).
☐ If applicable, copy of your divorce decree, separation agreement, and all addenda for all divorced parties. If the divorce is not final, provide a copy of all temporary orders.
☐ Written explanation of credit anomalies, including: late payments, credit inquiries within the last 90 days, charge-offs, collections, judgments and/or liens.
☐ If applicable, 12 months of cancelled alimony checks.
☐ If applicable, 12 months of cancelled child support checks. Copy of court order and ages of children.
☐ If you filed bankruptcy within the last 7 years, provide a copy of your bankruptcy papers.
☐ Name, address and phone number of condominium management company (if applicable).
☐ If you are not a U.S. citizen, provide a copy of the front and back of your green card.
☐ A check to cover the cost of your credit report and appraisal.
Please remember that additional documentation may be required, depending upon your specific situation. Do NOT pack any of your important documents. It is normal for lenders to request additional documentation, so keep your important documents handy and please be patient throughout the mortgage application process. Keep in mind that each mortgage application is basically a request for hundreds of thousands of dollars. Lenders have to cross their t's and dot their i's, which is why they often ask for additional documentation. The quicker you respond to requests for additional information, the more smoothly the loan process will go.