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Mortgage Checklist

Needed Items Checklist

Provide all documentation that is requested.  Any missing documentation is likely to cause a delay in your loan approval process.  To obtain loan approval, you will typically need to produce:

>  Pay stubs covering most recent thirty days

>  W-2 statements covering the past two years

>  Two years signed personal federal income tax returns including all schedules

>  If you are self employed, paid by commission, or own real estate used for rental purposes you will need to produce:

  • If you are employed through a corporation, the last two years’ corporate returns as well as a year-to-date profit and loss statement and balance sheet
  • If self-employed through a partnership, the last two years partnership returns (1065’s) as well as a year-to-date profit and loss statement and balance sheet

>  Bank statements covering the most recent three months

>  401K, IRA, or Mutual Fund acounts showing most recent transaction summary (If the statement is received monthly we will need the most recent 3 months.  If the statement is received quarterly we will need the most recent quarter in your possession.)

>  Stocks or certificates of deposit (copies)

>  Purchase and sales agreement (copy)

>  12 months cancelled rent checks or the name and address of your current landlord (if applicable)

>  Fully executed divorce decree (if applicable)

If you receive Alimony Income:

  • Copy of judgement
  • Proof of 3 years remaining
  • 12 months cancelled checks to show borrower is receiving

If you receive Child Support Income:

  • Copy of judgement
  • Proof of 3 years remaining
  • 12 months cancelled checks to show borrower is receiving

If you receive Retirement Income:

  • Copy of Award Letter
  • Proof of Receipt
  • If retirement from 401K/Annuity Fund, need recent statement spanning 3 months

>  Deed, Hazard Insurance Policy, and most recent tax bill if you are refinancing (copies)

>  A letter explaining any known credit problems or fluctuations in income

>  If additional information or documentation is requested, please provide immediately

>  Read all disclosures carefully and ask question if you need clarifications.  It is best to communicate all requests and clarifications in writing early in the loan process.

>  Ensure that the income you report on your application is the same income as that which is reported on your tax documents.

>  Inform your loan officer of any past credit problems.

>  Review your credit report carefully to verify it’s accuracy.

 

 

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