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Mortgage Basics

Application Checklist

Below is a list of documents that are required when you apply for a mortgage. Every situation is unique and you may be required to provide additional documentation depending on the loan product and loan type. If you are asked for more information, please provide it as soon as possible to avoid any delays in the pre-approval process or with underwriting. 

Application Checklist Graphic

PROPERTY

  • Copy of fully executed purchase agreement
  • Verification of the deposit you placed on the home (Earnest Money Deposit / EMD)
  • 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 realtor can send this information directly to our team. 

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, addresses, job positions and time of employment for all employers over the last two years
  • Letter explaining any gaps in employment in the past 2 years
  • Work visa or green card (copy front & back) if applicable

SELF-EMPLOYED, COMMISSION, BONUS, RENTAL OR OTHER INCOME

  • Provide full personal and business Tax Returns for the last TWO years. Please make sure the Tax Returns include all pages, 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.
  • If you will use Alimony or Child Support to qualify: provide divorce decree/court order stating amount, along with proof of receipt of funds for the last year.
  • If you receive Social Security income, Disability or VA benefits: provide award letter from agency or organization.

DOWN PAYMENT AND SOURCE OF FUNDS

  • 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 with all pages included.
  • Stocks and bonds: provide copies of your statement from your broker or copies of certificates.
  • Gifts: if applicable, provide gift letter and proof of receipt of funds. Our team will send you a copy of the required gift letter.
  • Based on information appearing on your application and/or your credit report, you may be required to submit additional documentation.

DEBT OR OBLIGATIONS

  • If you are paying alimony or child support, include marital settlement/court order stating the terms of the obligation.
  • If you currently own a home and plan on retaining it: provide the most recent mortgage statement, a copy of your homeowner's insurance declaration page, copies of your summer and winter tax bills and if applicable, a letter or email from your HOA showing the monthly fee you're obligated to pay in homeowner's association dues.