Applying for a mortgage requires a lot of paperwork and documentation. However, if you come to your lender with all the documents they are likely to need, you can make the mortgage application process faster and less stressful. Here is a handy checklist of the most common documents you’ll need to have ready.
Before you apply for a mortgage, gather the following documents:
- Driver’s Licenses for all applicants
- Social Security Card (only on FHA and VA)
- Resident Alien Card or VISA – when applicable
- Most recent 30 days of pay stubs with year-to-date totals
- W-2 forms and/or 1099s (past 2 years)
- Verification of other income such as social security (provide award letter for current year), alimony, or child support (provide divorce decree)
- Most current 2 years tax returns (Federal only including all schedules)
- Partnerships, S-Corp, and/or Corporate Federal returns for the previous 2 years including all schedules and K1s
- If you have rental property income: Copies of all lease/rental agreements
- Most recent 2 months (60 days) actual bank statements. Include all pages for both checking and savings accounts.
- Most recent 2 months retirement and investment account statements. Include all pages.
- Source of any non-direct deposit(s) that are greater than 50% of your monthly income.
- Proof of where the earnest money funds will originate. Lenders need proof that the earnest money has cleared your account.
- If you are receiving gift money for this transaction, additional documentation may be required.
- Copy of current mortgage statement on all properties owned
- Property tax information on all properties
- Insurance Declarations page on all properties
- Bankruptcy – Copy of discharge and schedule of creditors
- Divorced? – If so please provide your Divorce Decree if less than 18 years ago
- VA only – Copy of Form DD214
- Self Employed – Copy of current business license
Keep in mind that everyone listed on the loan is applying for a mortgage and will need to provide their financial information. And don’t be alarmed if your lender asks you for more documents as they review your loan application. After all, the lender’s goal is to assess you as a borrower and ensure you can make your payments on time. As such, you’ll need to provide them with numerous documents to showcase your creditworthiness.
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