Mortgage Basics

Application Checklist

Below is a list of documents that MIGHT be required when you apply for a mortgage. However, every situation is unique. DO NOT provide everything that is listed below. Once I have your application, the system might request some basic documents that you will expect like pay stubs and bank statements and W2s. You can upload those documents to the system. After reviewing your file, I will request more specific documentation to limit what you need to provide. The documentation we request will be based on your file and the program that is best for you. Don't let the list below scare you! Your personal list will be much shorter in most cases. Read the below list if you want to be educated but do not get any documents together until we ask for them as part of the application.

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Application Checklist Graphic

Your NEW Property

  • Copy of signed sales contract including all riders (Your realtor will provide).
  • Verification of the deposit you placed on the home. (Earnest Money, we will request later in the process).
  • Names, addresses and telephone numbers of all realtors, builders, insurance agents and attorneys involved. (This is all on the application).
  • 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. On condominiums, lenders will require a special approval and you may end up paying for what is called a condo questionnaire. We submit the appropriate request per the lender along with your payment to get the required documents so that you do not need to worry about it.

Your Income

  • 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.
  • 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 (Wait until we ask you for this based on your application):

  • Provide full tax returns for the last two years. 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 (Depends on product we are using it could be as little as 3 months of proof). Even if you are not using this income, we normally need the divorce decree and all schedules as proof that you do not owe money.

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). Your realtor will normally provide this to the title companies.
  • Savings, checking or money market funds - provide copies of bank statements for the last 2 months. (Most recent).
  • Stocks and bonds - provide copies of your statement from your broker or copies of certificates. (If you are not using these assets for this transaction, we do not need these documents).
  • Gifts - If part of your cash to close, provide Gift Affidavit and proof of receipt of funds. We have a gift letter you can sign if needed. If your donor does not want to show their account, they can write out a cashier's check directly to the title company for your closing. (We will need a copy of it two weeks before the closing for underwriting verification/approval).
  • Based on information appearing on your application and/or your credit report, you may be required to submit additional documentation

Debt or Obligations

  • All your debts will be on your credit report. If we are missing something, then we will need documentation from you, but we will specify what we need later in the loan process.