Loan Documents Required for Underwriting and Processing

Loan Documents Required for Underwriting and Processing

Looking for documents required for underwriting and processing? Every loan is scenario is unique and there is no universal mortgage checklist when applying for a mortgage. There are some essential mortgage documents required for the process. Call today and a Loan Originator will put together a list of mortgage documents required for a processing and underwriting.

ID Verification

Different forms of identification may include the following:

  • Driver’s License.
  • Military ID.
  • Passport.
  • ITIN.
  • Visa.
  • Social Security Card.

If you are missing your Social Security Card, your Loan Originator will be able to send you a SSA-89 form. The SSA-89 form verifies the name and social security number with the Social Security Administration’s records.

Refinance Property Mortgage Documents

  • Mortgage statement.
  • Note (required on a VA IRRRL and FHA Streamline).
  • Copy of insurance information or phone number.
  • Utility bill with both the service and mailing address (for owner-occupied refinances).

Purchase Property Mortgage Documents

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

Income Documentation

  • Copies of pay stubs for the most recent 30-day period.
  • Copies of W-2/1099 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.

Self Employed Income Documents

If you are 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).
  • 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 addendums for the last two years (required only if your ownership position is 25% or greater).

Alimony and Child Support Documentation

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.

Social Security Income, Disability or VA Benefits

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. Once a loan commitment is issued, your Loan Originator will let you know what additional documentation is required to obtain a clear to close.

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. A loan application checklist will be put together by a licensed Loan Originator during the pre-approval process.


Get Pre-Approved

Start by applying to get pre-approved today.

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