Applying for a mortgage in post-recession America will be a bit more challenging than you might image. Getting a conditional pre-approval based on application and credit score is only the start of a rather involved process. All lenders are different in their document requirements, but expect the following as a baseline.
TO BE PROVIDED BY ALL BORROWERS:
____ Valid driver’s license or other government-issued photo identification with date of birth, and Social Security Number.
____ Two months bank or investment statements including all checking, savings, stock, mutual funds, IRAs, or other liquid asset accounts.
____ For Tenants: Accurate address and phone no. for landlords, rent amount, and rent addresses for last 2 years.
____Other real estate owned- most recent mortgage statement, tax bill, homeowners insurance.
____ If Purchasing – Copy of fully executed sales contract, if available; copy of canceled earnest money check and copy of cancelled check and bank statement when the check clears.
____ Funds for appraisal or credit card information.
IF SALARIED OR HOURLY, PLEASE ALSO PROVIDE THE FOLLOWING:
____ Pay stubs for the past 30 days.
____ Last 2 years filed and signed tax returns – Including W-2s and all schedules (Prior to April15, if you have not filed your tax return submit the previous 2 years; After April 15, current filed year and the year before that).
____ Copy of any employment contracts/letters.
____ Name of position held and current salary.
____ Employer contact information- name, phone number and email address if available for all employment for last 2 years.
____Any additional source of income documentation if applicable
SELF-EMPLOYED BORROWERS PLEASE ALSO PROVIDE THE FOLLOWING:
____ If self-employed – or you own more than 25% of a business, copies of business tax returns for the past 2 years, including all schedules.
____ Copies of previous 2 years’ corporate or partnership tax returns if 25% or more of company is owned.
____ Year-to-date profit and loss statement and balance sheet.
____ 1099 tax forms for last two years if applicable.
IF ANY OF THE BELOW SITUATIONS APPLY, PLEASE PROVIDE THE FOLLOWING:
____ Divorced in the last 10 yrs- copy of final decree – all pages and any child support documentation.
____ Credit disputes – All documentation.
____ VA loan – Certificate of Eligibility and DD-214 (or Statement of Service / Benefits).
____ Bankruptcy – Copy of all bankruptcy papers with copy of discharge.
____ Settlement statement – If you sold property in the last 3 months.
____ Previous foreclosure – copy of foreclosure papers.
____ Number and ages of all dependents.
____ Any additional source of income documentation for qualifying, if applicable