Mortgage Basics

Application Checklist

Below is a list of documents that are required when you apply for a mortgage.  The list is comprehensive so it is unlikely that you will need everything listed below.  In most cases, pay stubs, W-2's, and bank statements are the main documents that will be needed.  We are always ready to walk you through the process and answer any questions you may have about documentation.

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Application Checklist Graphic

Your Property

  • Copy of signed sales contract including all riders
  • Verification of the deposit (earnest money) you placed on the home
  • Names, addresses and telephone numbers of all realtors, builders, insurance agents and attorneys involved

Your Income

  • Copies of your pay-stubs for the most recent 30-day period 
  • 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:

  • 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

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 2 months (be sure to include all pages)
  • Stocks and bonds - provide copy of most recent brokerage statement (be sure to include all pages)
  • Gifts - If gift funds are part of your cash to close, we'll provide you with a "gift letter" to sign and will need proof of your receipt of the gift funds
  • Based on information appearing on your application and/or your credit report, you may be required to submit additional documentation

Debt or Obligations

  • Include all names, addresses and monthly payments for landlords for the last two years
  • If you are paying alimony or child support, include marital settlement/court order stating the terms of the obligation
  • If you are on a tax repayment plan to the government, provide a copy of the repayment agreement and we will need to verify the last 3 payments with your bank statements