Before you apply for a mortgage, you’ll need to gather many different documents to complete your mortgage application. The better prepared you are before you meet with your lender, the less stressful the mortgage application process will be. Here is a handy checklist of the most common documents you’ll need to have ready.
General:
- Driver’s Licenses for all applicants
- Social Security Card (only on FHA and VA)
- Resident Alien Card or VISA – when applicable
Income:
- 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
Assets:
- 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.
Properties Owned:
- Copy of current mortgage statement on all properties owned
- Property tax information on all properties
- Insurance Declarations page on all properties
Other:
- 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 needs to complete the mortgage application and provide their financial information. And don’t be alarmed if your lender asks you for more documents as they review your mortgage 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.
When you’re ready to apply for a mortgage or refinance an existing one, contact us at 707-254-8891 or [email protected]. We can also direct you to the perfect real estate agent to help you.
Have Questions, Reach out to me for more information.
Call me at (707) 254-8891
Hilda Hensley Branch Manager – Mortgage Advisor
NMLS id 280206
Benchmark Mortgage
Ark-La-Tex Financial Services, LLC NMLS id 2143
