Buy vs. Rent
Preparing to Buy
Build Your Home
Buying Process
Loan Process
Refinance Your Home
Home Improvement
Sell Your Home
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Mortgage Application Checklist
Applying for a mortgage means more than filling out an application. No matter where you
apply for a mortgage loan, you will need to assemble most of the following documentation
to support your application.
1.Applications Forms:
Uniform Residential Loan Application (Form 1003), fully completed and signed by all
borrowers
Borrower's Certification & Authorization
Application or Appraisal / Credit Report Fees
2.Information About Your Property:
Copy of the fully signed Sales Contract or Binder of Sale (Purchase Only)
Copy of the Deed to the Property (Refinance Only)
Copy of Homeowner's Insurance policy, front page (Refinance Only)
3.Verification of Employment And Income:
Consecutive and original pay stubs covering the past 30 days, typed or computer
generated with year-to-date earnings for each borrower
Copies of W-2 Forms for the past two (2) years for each borrower
If commission, seasonal earnings, bonus or overtime income exceed 25% of gross income,
include previous two years' personal tax returns with all schedules (signed and dated by
applicants)
If income from sources other than employment is to be considered (rental income,
dividend/interest income, alimony/child support. social security), proof of the source and
amount of that income will be required
If self-employed (25% ownership or more) or a general partner:
Previous two years personal tax returns with all schedules (signed and dated);
Previous two years corporate/partnership tax returns with all schedules (signed and dated);
A Year-To-Date Profit and Loss Financial Statement (signed and dated)
4.Verification of Assets and Liabilities:
Copies of all pages of recent bank, broker and IRA statements for the past three (3) months,
which reflect sufficient liquid assets to cover your down payment, closing costs, and assets
remaining after closing. (Note: On passbook accounts, please provide a copy of the cover,
title pages and all transaction pages.)
Signed statement of explanation for large deposits in checking or savings accounts
Gift Letter, along with evidence of donor's ability to give or verification of your
receipt of the gift (a copy of the most recent bank statement showing the source of the gift)
Copy of the executed contract of sale for real estate currently owned but under contract
Evidence of mortgage, property tax and insurance payment amounts on each property
Signed copies of all current leases on each property
Signed copies of your personal federal tax returns (Form 1040) for the past two (2) years,
with all schedules attached, if you owned and rented out other real estate during those two
years
5.Verification of Mortgage And/Or Rent Payments:
Mortgage payments: 12 months' mortgage payment history may be required if this
information cannot be obtained from a credit report
Rent payments: copies of last 12 months of cancelled checks (front and back) or letter
from landlord stating 12 months' payment history (include landlord name, address and
telephone number)
6.Other Documents Will Be Required
The property is a condominium or a cooperative
You are relocating to or from another state.
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