Application Documentation Checklist
Below is a list of documents that are required when you apply for a Home Mortgage. However, every circumstance is unique and you may be required to arrange for additional documentation.
Your Real Estate Transaction
- Copy of signed sales contract including all addendums and counter offers
- If it’s an existing owned home then current mortgage statement for all mortgages
- Verification of the deposit you placed on the home typically called Earnest Money Deposit “EMD”.
- Names, addresses and telephone numbers of all Realtors, Escrow, Title individuals involved in the transaction.
Income Documentation
- Copies of your pay-stubs for the most recent 30-day period reflecting year-to-date on stubs
- Copies of your W-2 forms for the past two years
- Letter explaining any gaps in employment in the past 2 years
If self-employed or receive commission or bonus, interest/dividends, or rental income:
- Provide full tax returns for the last two years & year-to-date Profit and Loss statement (please provide complete tax return including attached schedules and statements.
- K-1?s for all partnerships and S-Corporations for the last two years ask your CPA for this if you can’t locate
- Completed and signed Federal Partnership (1065) and/or Corporate Income Tax Returns (1120) including all schedules, statements and addenda for the last two years. (Required only if your ownership position is 25% or greater.)
If you will use Alimony or Child Support to qualify:
- Provide divorce decree/court order stating amount, as well as, proof of receipt of funds for last year
If you receive Social Security income, Disability or VA benefits:
- Provide most recent award letter from agency or organization
Source of Funds and Down Payment
- Sale of your existing home – provide a copy of the signed sales contract on your current residence and statement or listing agreement if unsold (at closing, you must also provide a settlement/Closing Statement called a HUD1)
- Savings, checking or money market funds – provide copies of bank statements for the last 2 months
- Stocks and bonds – provide copies of your statement from your broker or copies of certificates
- Gifts – If part of your cash to close, provide Gift Affidavit and proof of receipt of funds from person gifting
- Information reflecting on your application and/or your credit report may be subject to change which may request further documentation.
