Apply Now

Mortgage Loan Documents Checklist

1. Income verification

   • W-2 income tax statements for the last two years: You should be able to find copies attached to your tax returns. If you filed taxes electronically, you or your tax preparer should have an electronic copy in your records.
   • Pay stubs: Printed copies or proof of direct deposit, reflecting a minimum of 30 days of income.
   • Social Security: 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.
   • Disability payments: Form SSA-1099 for disability income for the two most recent tax years.
   • Pension income: A check stub and any forms showing duration of payments.
   • Maintenance income: Proof of alimony, child support or separate maintenance income if you would like for it be considered as a basis for repaying the obligation.

2. Self-employed applicants

   • Tax returns: If you own a business, the lender will need the most recent two years of personal tax returns and any business returns you filed for your company (for example, 1120, 1120S, Schedule K-1/1065).
   • P&L: Year-to-date business profit-and-loss statement for current year if more than three months have passed since the end of the tax year.

3. Current balance sheet

   • Include all pages and schedules. The lender does not need copies of your state returns.

4. Assets
   

   Only provide the statements where the down payment is coming from, if we need more for reserves we will ask you.

   • Statements: Bank statements for the last three months, including savings, checking and investment accounts. Be sure to copy all pages of your statements. If you don't receive paper statements, print your entire online statement. Don't forget to include all of your accounts (checking, savings and investments). The accounts must show that you have enough money to afford your down payment and several mortgage payments.
   • Gifts: For gift funds, include a gift letter and evidence of transfer or withdrawal. You will need to provide a detailed letter to explain any large deposits or withdrawals.
   • Stocks: Stocks and securities account statements for the last three months.
   • Closing Disclosure: You'll need the settlement statement if using funds from the sale of property.
   • Sale of assets: proof of ownership, proof of sale and proof of funds transfer.

5. Rental Property Income

   This information can be found in income tax returns for the last two years verifying rental income. Provide leases if possible.

6. Dividends

   • Brokerage statements: Provide documents for the last two years. Schedule B interest and dividend income (most current statement to ensure underlying deposits still exist and are earning at the same level).

Staying ahead can be one simple way to alleviate tension when working through the process with your loan officer. By preparing early, you'll have more time to gather documents that may be missing or harder to track down.  Your loan officer does not want to chase you down for documents, this is the hardest part of obtaining financing. Remember, once you think you sent everything, the underwriter after they have reviewed the loan and your documents they may want something else.