Gather Your Paperwork

Here’s everything you’ll need to pull together for your mortgage application.

Here we’ll help you get your documents organized so your home loan application goes as quickly and smoothly as possible. These documents will support the information you’ve provided in your mortgage application. Let’s take a look at the types of documents your Mortgage Banker will be asking you to provide as part of your application.

Required Documents

To verify the information you’ve given us in your loan application, we’ll ask you to provide a number of documents. Here’s an overview of the types of records we’ll be looking for. You should provide them as quickly as you can to keep your application moving.

1) Proof of your income.

To prove your income, we’ll ask for the following documents:

  • Pay stubs.
    We’ll need pay stub copies for each applicant in the household.
  • W-2 statements from the past two years.
    Your employer provides them every year during tax season. You should be able to find copies attached to your tax returns. Or, if you filed taxes electronically, you or your tax preparer will have an electronic copy in your records.
  • Tax returns.
    We’ll need copies of all the pages from your last two years’ tax returns and IRS Form 4506T. This will allow us to review the official IRS transcript of your tax returns.

2) Proof of your assets.

To demonstrate your current assets, we’ll also need these documents:

  • Bank account statements from the last three months
  • Security accounts (stocks, bonds, life insurance)
  • A gift letter (if you are receiving a monetary gift toward your home

3) Proof of your debts.

We’ll want to know about:

  • Car loans
  • Outstanding student loans
  • Credit card accounts
  • Current mortgages or home equity lines of credit

While you’re busy gathering this information quickly, we’ll do our best to help you keep your mortgage application on track and on time.

4) Other information and documentation required.

Finally, we’ll need some basic background information. We’ll ask you to provide information including:

  • Social Security number
  • A list of your addresses from the last two years
  • A diploma or transcript if you were a full-time student during the past two years

Document Checklist:

Here’s a full list of all of the documents you may be asked to provide for your mortgage loan application

Proof of Your Income

  • Names and addresses of all employers for the last two consecutive years (including dates of employment and gross monthly income).
    Tip: Make sure to provide the complete name and mailing address. If you work for a large company that has different departments in different locations, you may want to call human resources and ask what address should be provided for employment verification.
  • W-2s for the last two years
    (And perhaps federal income tax returns from the past two years)
  • Pay stub(s) for the last 30 days

If you’re self-employed, you’ll need to submit:

  • Year-to-date profit and loss statement and balance sheets prepared and signed by you and your accountant
  • Signed tax returns for the last two reporting years (business and personal). Make sure signatures are original, not photocopies, and include all schedules.

Additional Income DocumentsYou may be asked to provide any of the following types of documents to help show your income.

  • Social Security and disability payments.
    A copy of the award letter must be provided along with a recent check stub or copy of a bank statement if deposited electronically through direct deposit.
  • Pension income.
    You will need to provide a check stub and any forms showing duration of payments.
  • Dividends.
    Brokerage statements for the last two years or previous two years’ income tax returns Schedule B-Interest and Dividend Income (most current statement to ensure underlying deposits still exist and earning at the same level).
  • Child support.

    You will need to show proof of receipt, through a printout from the courts, 12 months of canceled checks or tax returns. Payments must have been received for at least 12 months on time and must be scheduled to continue at minimum another 36 months to count as qualifying income, depending on the product and program for which you are applying.

  • Alimony.

    You will need to provide a complete copy of your divorce or legal separation documents that show alimony to be received. You will also need to show proof of receipt, through a printout from the courts, 12 months of canceled checks or tax returns.

  • Bonuses.
    This can be counted if you have received a bonus for the past two years and expect bonus payments to continue.
  • Overtime.
    If your employer will guarantee that overtime will continue, it may be included as an income source (two-year history required).
  • Rental property income.
    This information can be provided in income tax returns for the past two years verifying rental income. You should provide leases, if possible.

Proof of Your Assets:

We’ll ask you to provide bank statements and/or passbooks for the last three months. These should include account names, addresses, account numbers and balances for any:

  • Checking accounts
  • Savings accounts
  • Credit unions
  • Mutual fund accounts
  • IRA, 401(k) accounts
  • Security accounts (stocks, bonds, life insurance)
  • Title of all cars you own (if less than five years old)
  • Gift letter if you are receiving a monetary gift from a relative

Proof of Your Debts

We may also ask for records for any current debts. Please provide the most recent statement or payment booklets for present creditors. These should include name of creditor, addresses, account number and balance for any:

  • Car loans
  • Outstanding student loans
  • Credit card accounts
  • Documents for current mortgage or home equity loan, which includes the last 12 months’ canceled mortgage checks, most recent statement and lender name address, account number and balance
  • Name and address of present landlord along with last 12 months’ canceled rent checks
  • A complete copy of divorce decree or separation agreement to document alimony or child support
  • A copy of bankruptcy proceedings including Petition for Bankruptcy (debtors petition), Schedule of Bankruptcy (list of creditors), and Discharge of Bankruptcy. An explanation letter should also accompany these documents
  • Explanation letter for any judgments with a copy of release/satisfaction
  • Explanation letters for other delinquent credits of record (late payments, liens or foreclosure)

Property Verification

  • Fully executed copy of purchase agreement.
    If it is a new construction loan, you may need to provide copies of plans and specifications.
  • Legal description of the property being purchased.
    This may be obtained by your real estate agent.
  • Copy of listing sheet or property information sheet (if multiple listing). You can ask your real estate agent for these documents.
  • If you’re in the process of selling a home, you’ll need to provide the fully executed contract of sale along with copy of the HUD-1 closing statement on the home before closing on the new home.
  • Schedule of real estate owned, including: name of lender, account number, original purchase price, principal balance, monthly payment, copies of rental agreement (leases only), type of property, and signed tax returns for the past two reporting years. (Make sure signatures are original, not photocopies, and include all schedules)

Other Documentation

  • A list of addresses of your residences for the last two years.
  • If you were a full-time student at any time in the past two years, provide a copy of your diploma or transcripts
  • Social Security number
  • Relocation agreement (if you were transferred into the area)
  • Check for the application fee (if required)
  • If you are a resident alien, evidence of permanent residency (a.k.a. green card) issued by Immigration Services (INS)
  • Names, addresses, and phone numbers of all parties involved in this transaction, including attorneys and/or closing agent and real estate agents

Depending on the product and program for which you are applying, additional information may be required.