01

Nov
2013
Posted in:
Home loans

A mortgage loan checklist: Paperwork to prepare

“Oh, that darn paperwork! Wouldn’t it be easier if it all just blew away?”– Mike Wazowski, Monsters, Inc.

Don’t let a fear of paperwork keep you from the home of your dreams. Take advantage of our straightforward mortgage loan checklist to put together the right documentation for your loan officer—helping to simplify your application process and place you on the best path toward homeownership.
Mortgage loan checklist

Income:

W-2s or 1099s for the previous two years for each borrower

Paycheck stubs covering the most recent 30 days for each borrower

Investment/retirement statements covering the most recent two months for all accounts

Federal tax returns or 1040s for the most recent two years

Disability, Social Security or retirement pensions: copy of the awards letter or other documentation of income received from these sources, including evidence of continuance

Self-employed income:

Schedule C of your tax returns for the previous two years if you are involved with a sole proprietorship

K-1 Schedule of your tax returns for the previous two years if you have an interest in a limited partnership

Partnership tax returns (IRS Form 1065) of your tax returns for the previous two years if you have a 25% or greater interest in a partnership

Corporate tax returns (IRS Form 1130 or 1120) for the previous two years if you have a 25% or greater interest in a corporation or S corporation

Signed year-to-date profit and loss statements for your business

Account information:

Bank account statements for the previous two months on all accounts listed on the application

Gift letter if gift funds will be used for the down payment or closing costs

Retirement account statements for the previous two months Miscellaneous:

Divorce decree: copy of complete, final decree and any other applicable documents

Child support or alimony: documentation showing 12 months of income received and evidence of continuance

Bankruptcy/discharge of debtors: copies of documents, including all schedules

Relocation papers showing start date, pay and company buyout, if any

Letters of explanation for recent credit inquiries or any negative credit entry

Rental information from the last two years, including property address, dates of residence, landlord’s name, address and phone number

Interested in exploring more about the mortgage loan process?

Learn more from our affiliate, HomeAmerican Mortgage Corporation »

This article is not all-inclusive of what documentation may be required for mortgage loan approval. For more information, please consult your loan officer.