Documents Required for Underwriting and Processing

Documents Required For Underwriting and Processing

Every loan is unique and there is no universal application checklist when applying for a mortgage, but there are some essentials documents required for the process.  Additional information will be requested by the lender and sending 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 documents required for a loan that is exclusively for you (some items on the checklist may not apply).

ID Verification

Different forms of identification may include the following:

  • Driver’s License
  • Military ID
  • Passport
  • 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. 
  • Green Card
  • ITIN
  • VISA

Property

Refinance:

  • Mortgage Statement
  • Note
  • Copy of insurance information or phone number
  • Utility Bill with both the service and mailing address

Purchase:

  • Copy of the signed sales contract including all riders
  • Verification of the deposit placed on the home 

Income

  • 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 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.

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