Mortgage Application Checklist

Below is a list of documents that are typically required when you apply for a mortgage. However, every situation is unique, and you may be asked to provide additional documentation. If additional information is requested, please be cooperative and provide it as soon as possible to help speed up the application process.

1.0 Your Property

• Copy of Signed Sales Contract Including All Riders

• Verification of the deposit you placed on the home

• Names, addresses and telephone numbers of all realtors, builders, insurance agents and attorneys involved

• 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)

2.0 Your Income

• Pay Stubs (Most Recent 30-Day Period and Year-to-Date)

• Current earnings to verify income.

• W-2 Forms (Past Two Years)

• Verification of income and employment history.

• Names and Addresses of All Employers (Last Two Years)

• Employment history for the past two years.

• Letter Explaining Any Gaps in Employment (Past Two Years)

• Explanation for any periods of unemployment.

• Work Visa or Green Card (Copy Front & Back)

• Proof of legal residency or work authorization in the U.S.

 

2.1 If Self-Employed or Receiving Commission, Bonus, Interest/Dividends, or Rental Income:

• Provide full tax returns for the last two years PLUS year-to-date Profit and Loss statement (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.)

 

2.2 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

 

2.3 If you receive Social Security income, Disability or VA benefits:

• Provide award letter from agency or organization

 

3.0 Source of Funds and Down Payment

• Sale of Existing Home

• Copy of Signed Sales Contract on Current Residence

• Statement or Listing Agreement if Unsold

• Settlement/Closing Statement (at closing)

• Savings, Checking, or Money Market Funds

• Copies of Bank Statements (Last 3 Months)

• Stocks and Bonds

• Copies of Statements from Broker or Certificates

• Gifts (If Applicable)

• Gift Affidavit and Proof of Receipt of Funds

 

4.0 Debt or Obligations

• List of All Current Debts

• Names, Addresses, Account Numbers, Balances, and Monthly Payments

• Copies of the Last Three Monthly Statements

• Mortgage Holders and/or Landlords (Last Two Years)

• Names, Addresses, Account Numbers, Balances, and Monthly Payments

• Alimony or Child Support Payments (if applicable)

• Marital Settlement/Court Order

• Terms of the Obligation

 

5.0 Application Fee and Closing Costs

• Check to Cover Application Fee(s)

• Payment for the cost of processing the mortgage application.

• Estimated Closing Costs

• An estimate of the fees and expenses due at closing, including title fees, appraisal fees, and others.

• Full Tax Returns (Last Two Years) PLUS Year-to-Date Profit and Loss Statement

• Complete tax returns, including all schedules and statements.

• ​K-1s for All Partnerships and S-Corporations (Last Two Years)

• Documentation of income from partnerships and S-Corporations.

• Federal Partnership (1065) and/or Corporate Income Tax Returns (1120)

• Complete returns including all schedules, statements, and addenda (if ownership is 25% or greater).

• If Using Alimony or Child Support to Qualify:

• Divorce Decree/Court Order

• Documentation stating the amount and terms.

• Proof of Receipt of Funds (Last Year)

• ​Evidence of consistent receipt of alimony or child support.

• If Receiving Social Security Income, Disability, or VA Benefits:

• Award Letter from Agency or Organization

• Confirmation of benefit amounts and terms.

• The full agreement between buyer and seller, including any amendments.

• Verification of the Deposit

• Proof of the earnest money deposit placed on the home.

• Names, Addresses, and Telephone Numbers of All Realtors, Builders, Insurance Agents, and Attorneys Involved

• Contact information for all parties involved in the transaction.

• Copy of Listing Sheet and Legal Description (if available)

• Details of the property, including legal description and property features.

• Condominium Documentation (if applicable)

• Condominium declaration, by-laws, and most recent budget for condo properties.