What you need to get ready before applying for a mortgage loan.
In general, the documentation you will need includes:
- Check for application fee
Property Information (if you already have a contract on a house)
- Purchase Agreement
- Copy of legal description and MLS sheet.
- If you are selling your current home: copy of listing contract
- If you have sold your current home: copy of settlement statement (HUD-1)
Income & Assets
Pay stubs for the last 30 days
For the past 2 years:
Names and addresses of each employer
W-2s
Statements for each bank, mutual fund, and/or investment account for the last 3 months
Estimated value of personal property and furniture
If you have made any large deposits to your accounts:
Explanation and source for deposit
If large deposit was a gift:
Signed gift letter (lender can supply)
Copy of gift check
Copy of deposit receipt
If you own more than 25% of a business:
Corporate or partnership tax returns
If self-employed:
Tax returns for the last 3 years (with schedules)
Year-to-Date Profit and Lost Statement prepared by an accountant
If you own rental property:
Tax returns for the last 2 years and current rental agreements
If you are retired:
Pension Award Letter
If you receive Social Security:
Social Security Award Letter
If you are counting child support as income:
Copy of divorce settlement
Copy of 12 months of cancelled child support checks.
Debts
Names, addresses, account numbers, balances and monthly payments on all current loans
Explanation of credit report anomalies, including:
Late payments, credit inquiries in the last 90 days, charge-offs, collections, judgements and/or liens
Bankruptcy filed within 7 years (bring a copy of your bankruptcy papers)
VA Loans
Copy of DD Form 214, Report of Separation
Miscellaneous
- Photo ID and proof of Social Security number
- Residence addresses for the past 2 years
- If applicable, a copy of your divorce decree
- If you are not a citizen: a copy of the front and back of your green card