Mortgage Application Checklist

Here is a Mortgage Application Checklist of supporting documentation you will need for a prompt mortgage closing. It’s pretty inclusive and covers most of the paperwork you will need whether you are applying for a Conventional, FHA, USDA or a VA mortgage.

Identification: You will need to provide a color PDF copy of your:Application Checklist
• State Drivers License
• Work Visa and/or Green Card
• US Military ID
• State-issued Non-Drivers ID

Residence:
• If you are currently renting, be prepared to supply:
    ο  Addresses for the past 2 years including name of all landlords, their addresses and telephone  numbersFamily Finances
• If you own your current home:
    o  Provide copy of most recent mortgage statement
• If you own more than one property:
    o  Provide property address(es)
    o  Copy of current mortgage statement
    o  Estimated value of each property
    o  Tax, insurance and annual maintenance cost for the property
    o  Copy of current tax bill
    o  Amount of Condo fees

Employment: Lenders want to see a 24 month job history and will need:
• Employers name, address and phone number
• Letter of explanation for any job gaps

Income:
• Copy of all W2 and/or 1099 forms for the past 2 years
• 2 most recent pay stubs
• Signed tax returns for the past 2 years if you work on commission, are self-employed or wish to use interest, dividend or bonus income as sources of income to repay your loan.
Note: It’s a good thing to have a copy of these returns handy even if you are a W2 employee as some mortgage programs will want to review information as to number of persons and potential source of other income in the household
• Signed year-to-date Profit & Loss if you are self-employed
• Copy of Business License & Letter from CPA verifying 2 years of self-employment history
Note: Alimony, child support and separate maintenance income need not be revealed if you chose not to have it considered for repaying your loan

Deposit and Savings Account: You will need to verify the source of all monies being used for your down payment, closing costs and cash reserves.
•For all checking, savings, 401k, IRA and mutual fund portfolios, you will need to provide:
    ο  Copies of last 2 months bank checking and savings account statements (all pages, front and Passbookback) where deposits are held
Note: Any overdraft history in these accounts is considered a sign of “financial irresponsibility” and could adversely affect your application.
    ο  Copies of last 2 months 401k, IRA and mutual fund statements for past 2 months
• Explanation and documentation of the source of any large deposits made to these accounts in the last 2 months
Note: The source of any Gift Funds you expect to use toward your down payment and closing costs is always been a problem. Check with your Mortgage Professional as to who is eligible to provide these Gift Funds and the documentation required to verify the source.
Do Not deposit any cash or checks received as wedding gifts into your accounts. It could prove to be a paperwork nightmare. Check with your Mortgage Professional on the best way to handle this situation.

Property Information:
• Complete address of the property you intend to buyHome for Sale-Sold
• Copy of the Purchase and Sales Agreement for the Property signed by all parities
• Name and contact information for all real estate agents involved in the transaction.
If you are purchasing a condominium or PUD, be prepared to provide:
• Name of the Condominium Development
• Name, address and phone number of the Association’s management company
• Confirmation as to whether the Association is, or is not, FHA approved
• Copy of the Association’s Master Insurance Policy

Veteran’s Administration Loan Applicants: If you are applying for a VA Mortgage, you will need to supply:
• Military Discharge Papers (Form DD214)
• Certificate of Eligibility

Other Important Information You Will Need to Provide:
• Name and contact information of the attorney who will represent you in the transaction
• Name and contact information of your Insurance Agent
     o Evidence that adequate Homeowners Hazard Insurance will be in place at time of closing
• Letter of Explanation for any Inquiries that appear on your Credit Report in the last 60 days
• Copy of Divorce Decree (all pages) if applicable
• Copy of Bankruptcy Discharge Notice

The Keys to New HomeThe Spring inventory of good homes on the market is shrinking and prices are going up. Interest rates are positioned to go up too! Now Is the Time to Buy!

Call Me @ 860.945.9284 to discuss the right mortgage option for your family and to take advantage of my FREE  Mortgage Pre-Approval service. 
I am committed to helping your family live comfortably and financially secure in your new home with the Right Mortgage and the Right Rate!

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One comment on “Mortgage Application Checklist

  1. […] to independently verify your information and obtain copies of your credit history. Here’s a short list of the information you will need to begin underwriting your mortgage. ♦   Employment: […]

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