Loan Documents Required for Underwriting and Processing
Loan Documents Required For Underwriting and Processing
Every loan is unique and there is no universal mortgage checklist when applying for a mortgage, but there are some essential mortgage documents required for the process. Additional information will be requested by the lender and sending mortgage documents as soon as requested will ensure that the loan closes on time. Call today and a Loan Originator will put together a list of mortgage documents required for a loan that is exclusively for you (some items on the mortgage checklist may not apply).
Different forms of identification may include the following:
Social Security Card – If you are missing your social security card, your loan officer will be able to send you a SSA-89 form, which verifies the name and social security number with the Social Security Administration’s records.
Property Mortgage Documents
Copy of insurance information or phone number
Utility Bill with both the service and mailing address
Copy of the signed sales contract including all riders
Verification of the deposit placed on the home
Copies of pay stubs for the most recent 30-day period
Copies of w-2 forms for the past two years
Names and address for all employers in the last two years
Most recent two years tax returns if applicable
If self employed or receive commission, rental income, interest/dividends:
Full tax returns for the last two years (please provide complete tax returns that are signed and include all attached schedules and statements) and a year to date profit and loss statement and balance sheet.
K-1’s for all partnerships and S-Corporations for the last two years (most K-1’s are not attached to 1040s
Completed and signed Federal Partnership (1065) and/or Corporate Income Tax Returns (1120) including all schedules, statements and addenda for the last two years. (Required only if your ownership position is 25% or greater.)
If you will use Alimony or Child Support to qualify:
Provide divorce decree/court order stating amount, as well as, proof of receipt of funds for last year
If you receive Social Security income, Disability or VA benefits:
Provide award letter from agency or organization
Sourcing Funds for Down Payments:
Sale of an existing home – provide a copy of the signed sales contract on the sale of the property and statement or listing agreement if unsold. At closing you will have to provide a settlement/closing statement
Savings, checking or money market funds – provide copies of bank statements for the most recent 2 months
Stocks and bonds – Provide copies of statements from your brokers or copies of certificates
Gifts – Proof of receipt is required, along with donor’s bank statements, and an appropriate gift letter
Every situation is unique and based off of the information on your credit report and application, additional documentation may apply
Debt or Obligations:
If you are paying alimony or child support, include marital settlement/court order stating the terms of obligations
The application mortgage checklist will vary depending on purchasing a home, refinancing, and the type of loan.
It is important to go through the pre-approval process and get properly pre-approved for a loan so that there are issues during the loan process.
All loans are subject to credit, underwriting and property approval guidelines. Offered loan products may vary by state. There is no guarantee that all borrowers will qualify. Restrictions may apply. This is not a commitment to lend. Terms, conditions and programs are subject to change without notice. Nationwide Mortgage & Realty, LLC is not acting on behalf of or at the direction of HUD/FHA or any government agency. CO: Check license status of your mortgage loan originator atwww.dora.state.co.us/real-estate/index.htm. Also licensed in: FL. VA, and TX: NMLS ID 276777. Illinois Residential Mortgage License | MB. 6760210. WA: Consumer Loan License MB-276777. GA: Georgia Residential Mortgage Licensee 60857