When applying for a home loan, you will need more than just an application. With today's mortgage regulations, the paperwork listed below is required to verify all the information you provided on the loan application about you, your income, assets, credit and other real estate you may own. Delivering these documents all together, up front makes the process easier for you and helps ensure a hassle-free, on-time closing.
Depending on the type of loan you are doing and its approval requirements, we may need some or all the following paperwork for each borrower on the loan:
- Most recent pay stubs covering the last 30 days of earnings with YTD totals
- If you own 25% or more of any company or have rental property, Personal Federal Income Tax Returns for the past two years
- All W-2s, K-1s or 1099s for the past two years
- If self-employed and/or you own 25% or more of any company, all pages of business federal tax returns for the past two years
- YTD Profit and Loss Statement and Balance Sheet for each company you own
- Awards Letter from Social Security Administration for all social security
- Letter regarding pension/retirement income amount to be received for the year
- All pages of checking and savings account statements for the past two months
- For any large, unidentified deposits, a letter of explanation for the deposit and a copy of the item(s) that were deposited (we will let you know the threshold on this)
- If the money transferred from another account, all pages of the statements for that account as well
- All pages of the most recent statement for any other assets, such as bonds, stocks, cash value life insurance or money saved in retirement programs that will be used for cash to close or reserve funds
- If using retirement account funds for the loan, the generic "terms of withdrawal" for the account along with the loan or withdrawal documentation
- Copy of current mortgage statement(s) for all real estate you already own: current home, rental properties or vacation home. If these mortgages are not escrowed for taxes and insurance, provide the most recent annual tax bill and insurance declaration page with premium as well. Also, if the property has HOA dues, a copy of the most recent HOA dues bill.
- If any part of the down payment or closing costs are coming from a gift from an eligible source, a Gift Letter along with proof of receipt of gift funds
- Driver's license(s) or passport
- All pages of separation agreement, divorce decree or court order, if applicable
- Name and phone number of your current landlord, if applicable
- Most recent student loan statement(s) listing the minimum monthly payment amount. If you are currently in deferment (no payments due), proof of the payment amount(s) once they come out of deferment.
- All pages of bankruptcy, foreclosure, short sale or deed in lieu of paperwork
- Sales Contract for the purchase of a new home
- Homeowners insurance agent's name and contact info
- Homeowners' association information with contact information if property is a condo or part of a homeowners' association
- Purchase Contract for current home being sold
- Copy of first mortgage statement on current home
- If you have a second mortgage or equity line, copy of statement, note/equity line agreement
- Copy of title insurance policy from previous closing or HUD-1 Settlement Statement
- Copy of your homeowners insurance declarations page
Please note that additional documentation may be required upon further review of your file. I will explain the steps of the loan process and review with you what documents are needed and if we require anything else. My job is to guide you through the lending experience for the best possible result!