Application Checklist
Introduction:
Applying for a mortgage can be a smooth process with proper preparation. Here's a comprehensive checklist of documents typically required, though specific needs may vary.
Remember: Prompt cooperation in providing additional documentation speeds up the process.
Property Documents:
- Signed Sales Contract with Riders
- Proof of Home Deposit
- Contact Information for Real Estate Professionals (Realtors, Builders, Insurance Agents, Attorneys)
- Listing Sheet and Legal Description (if available)
- Condominium Documents (Declaration, Bylaws, Budget - if applicable)
Income Verification:
- Pay Stubs (Last 30 Days & Year-to-Date)
- W-2 Forms (Past 2 Years)
- Employer Contact Information (Past 2 Years)
- Employment Gap Explanation (if applicable)
- Work Visa/Green Card (if applicable)
Self-Employed/Commission/Bonus/Rental Income:
- Full Tax Returns (Past 2 Years) & Year-to-Date Profit & Loss Statement
- K-1s for Partnerships/S-Corporations (Past 2 Years)
- Completed Business Tax Returns (if ownership ≥ 25%)
Alimony/Child Support Income:
- Divorce Decree/Court Order with Proof of Receipt (Past Year)
Social Security/Disability/VA Benefits:
- Award Letter from Relevant Agency/Organization
Source of Down Payment:
- Sale of Existing Home: Signed Sales Contract & Statements (or Listing Agreement if unsold)
- Bank Statements (Savings, Checking, Money Market - Last 3 Months)
- Stock/Bond Statements or Certificates
- Gift Affidavit & Proof of Receipt (if applicable)
Additional Documentation:
- Debt Obligations List: Account Details & Statements (Last 3 Months)
- Mortgage/Rent Payment History (Last 2 Years)
- Alimony/Child Support Order (if applicable)
- Application Fee Check
Important Note: This list is not exhaustive. Based on your application and credit report, further documentation might be requested. A consumer is not obligated to provide verification documents prior to receiving a Loan Estimate and indicating an intent to proceed.