Documentation Needed for a Mortgage Application
Traditional loans require a variety of important documents to verify your employment, income and assets. Here are some of the documents you will need when applying for a traditional mortgage loan:
Your Social Security number
Pay stubs for the last two months
W-2 forms for the past two years
Bank statements for the past two or three months
One to two years of federal tax returns
A signed contract of sale (if you've already chosen your new home)
Information on current debt, including car loans, student loans and credit cards
Keep in mind that the amount of paperwork required will vary by lender.
Employment income verification
You may need the following items to verify your income:
Names and addresses of all employers for the last two years.
If you work for a really big company, you may want to call human resources and ask what
address should be provided for employment verifications.
W-2s for the last two years (and federal income tax returns from the past two years)
Pay stub(s) for the last two months
Self-employment income verification
If you're self-employed, you may need to provide:
Year-to-date profit and loss statement and balance sheet
Signed tax returns for the last two reporting years (business and personal)
Other income verification
Supporting documentation for other income you wish to have considered in qualifying for a loan may include:
Social Security and disability payments
Pension income
Dividends
Child support
Alimony
Bonuses
Overtime
Rental property income
Asset verification
Your assets may need to be verified through:
A gift letter (if you are receiving a monetary gift from a relative)
Statements and records for the last three months that include account names, addresses,
account numbers and balances for the following accounts:
Checking
Savings
Credit unions
Mutual funds
IRA, 401(k) and other retirement plans
Securities (stocks, bonds, life insurance)
Title of any car you own (if less than five years old)
Debt verification
The following information about your debt may be required:
The most recent statement or payment booklets for present creditors
Car loans
Outstanding student loans
Credit card accounts
Documentation of any current mortgage or home equity loan
Name and address of present landlord along with last 12 months' cancelled rent checks
A complete copy of any divorce decree or separation agreement to document alimony or child
support
A copy of documents related to a bankruptcy, if applicable
Explanation letter for any judgments with a copy of release/satisfaction
Explanation letters for other delinquent credits of record (late payments, liens, foreclosure)
Property verification
You'll need information about the property you're buying:
Fully executed copy of purchase agreement
Legal description of the property being purchased (may be obtained by real estate agent)
Copy of listing sheet or property information sheet (if multiple listings)
If you are in the process of selling a home, you will need to provide the fully executed contract
of sale along with a copy of the HUD-1 closing statement on the home before closing on the new&
home.
List of real estate owned
Additional documentation
You may also be asked for these additional items:
A list of your addresses of residences for the last two years
If you were a full-time student at any time in the past two years, a copy of your diploma or
transcripts
Social Security number
Relocation agreement (if you were transferred into the area)
Check for the application fee (if required)
If you are a resident alien, evidence of permanent residency issued by INS (a.k.a. green card)
Names, addresses and phone numbers of all parties involved in this transaction, including
attorneys and/or closing agent and real estate agents
Copy of recorded deed (refinance only)
Depending upon the product and program for which you are applying, additional information may be required. Delays in providing requested information could potentially delay your closing date.
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