What You Need to Apply for a Mortgage Loan

Below is what you need when you apply for a loan. Don’t worry, I’ll be your guide every step of the way to keep the entire loan process simple.

All Borrowers:

1. Copies of W-2s for the past two years.
2. Copies of the two most recent consecutive pay stubs showing year-to-date earnings.
3. Copies of checking and saving account statements for past three months (all pages).
4. Copies of quarterly or semi-annual statements for checking, savings, IRAs, CDs, money market funds, stocks, 401k, profit sharing, etc.
5. Copy of sales contract when ratified.
6. Employment history for the previous two years (address any gaps of employment).
7. Residency history during the past two years, with name, phone number, address and account number of land or mortgage company; for rental property, copies of leases.
8. Canceled earnest money check when it clears or corresponding bank statement, if applicable.
9. Commissioned income documentation if it’s 25% or more of your base income; must have tax returns.
10. Check for the expense of appraisal and credit report.
11. Refinance copy of note, deed of trust, settlement statement, survey and insurance information.
12. Any assets used for down payment, closing costs and cash reserves must be documented by a paper trail.
13. If you paid off mortgage in the past two years, need copies of HUD1.
14. Copy of driver’s license for applicant and co-applicant.
15. Copies of your past two years’ tax returns.
16. Copy of Social Security Card for each applicant and co-applicant.

Self-employed Borrowers:

1. Copies of your past two years’ tax returns (with all schedules, including K-I’s if applicable).
2. Copy of current profit and loss statement and balance sheet.
3. Copy of corporate/partnership tax returns for last two years if owning 25% or more of company plus copies of W-2s and/or 1099 forms.

Documents Which May be Required:

1. Relocation agreement if move is financed by employer (i.e. buyout agreement plus documentation outlining company-paid closing costs benefits).
2. If you’ve had a previous bankruptcy, bring copies of petition for bankruptcy and discharge, including supporting schedules.
3. Divorce decree (if applicable);
4. Documentation supporting monies received from Social Security/retirement trust income, i.e. copies of direct deposit bank statements, awards letter or evidence income will continue.

Documents Needed For FHA/VA Loans:

1. FHA: Copy of Social Security Card and driver’s license for each applicant and co-applicants.
2. VA: Original certificate of eligibility and copy of DD214 discharge paper.
3. VA: Name and address of nearest living relative.

If you have questions, or are ready to find out if you prequalify, Simply contact me, Jeff Berman “The Mortgage Go To Guy”, at 214-239-8010 or complete the form below.

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