WHAT YOU WILL NEED TO PROVIDE FOR YOUR MORTGAGE APPLICATION

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

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