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Special Report From Dwayne West | Mortgage Checklist
Documents Required for Loan Application
Income
Last two years W-2s.
Federal tax returns, all pages, for the past two years.
Copy of lease agreement for rental property.
Complete copy of divorce/settlement agreement (if applicable).
Year-to-date pay stub.
Pension/Social Security: Current year award letter. Copy of most recent check
or if direct deposit, copy of bank statement showing receipt of funds.
Self-employed: Year-to-date Profit & Loss Statement.
Self-employed: Corporate/Partnership Tax Returns for the past two years.
Assets
The two most recent bank/brokerage statements, all pages, for all accounts.
Liabilities
Credit card account numbers, balance and minimum payment.
Car loan: Lenders name, account number, payment and balance.
Mortgage loans: Lenders name, account number, payment and balance for each loan.
Landlord's name, address and telephone number dating back two years.
Other Items
Application fee is sometimes required by some Lenders.
A copy of the fully executed contract on your home (warranty deed for refinance).
Copy of Relocation Agreement (if applicable).
Alimony/Child Support/Note Income: Copy of note receivable or divorce
decree/paternity award. Six months cancelled checks or deposit slips showing
receipt**.
(To use income to qualify, it must continue for a minimum of three years).
* Some loan programs allow for reduced documentation, therefore all items listed may not be necessary. Contact a mortgage consultant for a specific list of items needed.
**Alimony, child support, or separate maintenance income need not be revealed if the borrower(B) or co-borrower(C) does not choose to have it considered for repaying the loan.
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