Application Checklist

Quick Overview

To speed up the application process, provide all information listed below and any additional information requested as soon as possible.

In short, you will need to provide:

Property Information

Any information you have regarding the property you are purchasing, including sales contracts, verification of deposit, contact information of all parties involved and a copy of the legal description of the property.

Proof of Income if Employed

Copies of pay stubs, W-2 forms, employer information, explanation for any gaps in employment and work eligibility information.

Proof of Other Types of Income

For those self-employed or that receives income from commissions, bonuses, interest/dividends or rental properties: 2 years tax returns; year-to-date P&L; K-1’s; corporate tax returns. More on alimony, child support, social security, disability & VA income below.

Funds for Down Payment

Any documentation showing sources of funds for a down payment. E.g: sale of previous home; savings; checking account balance; money market funds; stocks and bonds; gifts.

Below is a list of documents that are required when you apply for a mortgage.

However, every situation is unique and you may be required to provide additional documentation. So, if you are asked for more information, be cooperative and provide the information requested as soon as possible. It will help speed up the application process.

Your Property

Copy of signed sales contract including all riders
Verification of the deposit you placed on the home
Names, addresses and telephone numbers of all realtors, builders, insurance agents and attorneys involved
Copy of Listing Sheet and legal description if available (if the property is a condominium please provide condominium declaration, by-laws and most recent budget)

Your Income

Copies of your pay-stubs for the most recent 30-day period and year-to-date
Copies of your W-2 forms for the past two years
Names and addresses of all employers for the last two years
Letter explaining any gaps in employment in the past 2 years
Work visa or green card (copy front & back)

If self-employed or receive commission or bonus, interest/dividends, or rental income:

Provide full tax returns for the last two years PLUS year-to-date Profit and Loss statement (please provide complete tax return including attached schedules and statements. If you have filed an extension, please supply a copy of the extension.)
K-1′s for all partnerships and S-Corporations for the last two years (please double-check your return. Most K-1′s are not attached to the 1040.)
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:

If you receive Social Security income, Disability or VA benefits:

Source of Funds and Down Payment

Sale of your existing home – provide a copy of the signed sales contract on your current residence and statement or listing agreement if unsold (at closing, you must also provide a settlement/Closing Statement
Savings, checking or money market funds – provide copies of bank statements for the last 3 months
Stocks and bonds – provide copies of your statement from your broker or copies of certificates
Gifts – If part of your cash to close, provide Gift Affidavit and proof of receipt of funds

Based on information appearing on your application and/or your credit report, you may be required to submit additional documentation