What You Will Need to Provide for Your Mortgage Application

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Every lender requires documentation as a part of the process of approving a mortgage loan. This is what you will generally need to provide:

Personal Information

  • Full names of both parties

  • Date of Birth of both parties

  • Social Security Number of both parties

  • Address of primary residence for last 2 years

Income, Asset, and Employment information

  • Most recent pay stubs –OR- proof of direct deposit

    • Online paystubs may have to be signed by a company representative

    • Employment history for the past 2 years

    • Seasonal income/unemployment compensation*

    • Federal W-2’s (wage and tax statement) from the last 2 years

    • A copy of your offer letter or contract*

    • Bank or Asset statements from the last 2 months

    • Social Security, Pension, or Retirement benefit award letter *

    • VA Certificate of Eligibility**

    • Proof of alimony, child support, or separate maintenance income (if using to qualify)

    • Federal tax returns for last 2 years

    • A copy of divorce decree or separation agreement *

    • Royalty payments, interest, or dividend income*

If Self Employed

  • Individual, corporate, or partnership tax returns from the last 2 years, including all schedules***

  • A current profit and loss statement showing year-to-date revenues and expenses*

    • A summary of the revenues, costs, and expenses incurred during a specific period of time. Such a statement demonstrates the ability of a company to generate profit by increasing revenue and reducing costs.

Credit Information

  • Verification of rent, or canceled checks

  • A copy of divorce decree or separation agreement *

  • A written explanation of any recent credit report inquiries, or late payments on your credit report

  • Bankruptcy discharge, and schedule of creditors*

  • Address(es) of all real estate you own and mortgage lender information

  • Alimony, child support, or separate maintenance payment amount*

Property Information

  • Address and sales price of the purchased property

  • A copy of the signed purchase agreement

  • Verification of the source of down payment funds

  • Your homeowners insurance agent’s contact information

  • Property type (single family home,condominium, townhouse, etc.,)

  • A copy of the canceled earnest money deposit check and verification that it cleared

*= If applicable **= VA loans only ***Federal only

Until next time friends…

Nicole D., Tobacks Resident Blogger