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Gregorio Denny

Documents Required For Loan Approval

Wednesday, May 4, 2011 - Article by: Gregorio Denny - Brookstone Mortgage Corporation - Message

When applying for a mortgage, make sure you have everything you need ready for your lender to review. Here is a list of the items required to obtain mortgage financing. Save this link or copy the information for future reference.

All Borrowers:

1. Copies of W-2's for the last two years.

2. Copies of paycheck stubs for most recent 30 days.

3. Copies of checking and savings account statements for last two whole months. (All Pages)

4. Copies of quarterly or semi-annual statements for checking, savings, IRA's, CD's, money market funds, stocks, 401K, profit sharing, etc. (All Pages)

5. Copy of sales contract when ratified. (Purchases only)

6. Employment history, last two years (Please explain any gaps in employment).

7. Residency history last two years, including name, address, phone number and account number of current mortgage company and/or landlord.

8. Canceled earnest money check when it clears or corresponding bank statement, if applicable.

9. Commissioned or bonus income - if 25% or more of base, please include your last two years of tax returns.

10. Copy of check for expense of appraisal and credit report if applicable.

11. Copy of Homeowners Insurance Declarations Page. (Refinance Only)

12. Any assets used for down payment, closing costs, or cash reserves must be documented by a paper trail. Please provide evidence of its origin.

13. If paid off mortgage in the last two years, please provide a copy of the HUD-I.

14. Copy of social security card and driver's license for each applicant and co-applicant.

When sending documents with multiple pages, please include all pages even if the information on them is irrelevant. If page one states 1 of 6, all 6 pages need to be submitted.

Self-employed Borrowers:

1. Copies of most recent years tax returns ( Last 2 years with all schedules, including k-1's if applicable).

2. Copy of current profit and loss statement and balance sheet.

3. Copy of corporate/partnership tax returns for most recent two year period if owning 25% or more of company - copies of W-2's 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. Previous bankruptcy needs copies of petition for bankruptcy and discharge including supporting schedule.

3. Divorce decree if applicable.

4. Documentation supporting moneys received from social security/retirement trust income, i.e. copies of direct deposit bank statements, awards letter and evidence that the income will continue.

VA Loans VA:

VA: Original Certificate of Eligibility and copy of DD-214 Discharge Paper.

VA: Name and address of nearest living relative.


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