Loan Checklist for a Mortgage

Loan Checklist for a Mortgage

Now, let’s dive into the loan checklist!

Identification

  • Current photo identification (driver’s license or ID card) for each borrower

  • Social security card

  • Resident alien card

Income

  • Current pay stubs (1 full month)

  • W2s/1099s (last 2 years) and names and addresses of each employer

  • Evidence of social security/retirement income (i.e. copy of check or award letter)

  • Federal tax returns, with all schedules/attachments (last 2 years)

  • Partnership/corporate tax returns (last 2 years)

  • Signed year-to-date profit and loss statement

  • K1s for all partnerships

  • Evidence of child support income (i.e. 12 months cancelled checks)

  • Rental agreements on all rental properties

Assets

  • Bank statements, all pages (last 2 to 3 months)

  • Money market statements (last 2 to 3 months)

  • 401k statements

  • Original gift letter

  • Copy of transfer of gift funds to escrow or your bank account (ask us first)

  • Verification of donor’s ability to give gift funds (i.e. bank statement)

  • Copy of current mortgage Note (refinance only)

  • Declaration page from current hazard

  • Insurance policy or preferred insurance provider

Credit

  • Landlord addresses (last 2 years)

  • Complete divorce settlement document

  • Complete bankruptcy papers

  • Explanation of derogatory credit

Share by: