| Having
all of your financial information assembled ahead of time is
a great way to streamline the application process. |
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Are
You Self-Employed?
Most lenders apply more stringent standards to self-employed
applicants. They may request business tax returns and
financial records as well as more extensive personal information. |
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No
& Low Doc Loans
Some lenders offer loan programs that require a far lower
level of documentation than a typical application. These
loans are targeted to self-employed and other borrowers
who may not want to provide the level of documentation
normally required. |
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Mortgage
Documentation Checklist
Every lender requests some level of documentation
in support of a loan application, though each has its own specific
list of requirements. Most will require some or all of the items
on this checklist in addition to a completed application form.
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Copies
of contracts.
The lender will want a copy of your purchase contract specifying
the price and closing date. If you are selling your current
home the lender may want to see the contract on that transaction
as well. |
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Income
verification documents.
The lender will want copies of pay stubs for the previous 2-4
weeks. Additionally, they may request tax returns with accompanying
W-2 and 1099 forms. |
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Contact
information.
You may be asked to supply contact information (name, address,
phone number) for your employer to allow the lender to verify
your information. |
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Credit
card and installment loan information.
The lender may want to see copies of several months credit card
statements, as well as payment books or statements for car loans
and other consumer debts. |
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Bank
statements.
You may be asked to provide statements for bank and brokerage
accounts for the past 2-3 months. |
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Proof
of down payment funds.
Some lenders require verification that the buyer has the required
funds to cover the down payment and closing costs. If any portion
of the down payment is being provided by others (family members,
for example) the lender will probably require a letter stating
that the funds are a gift and not a loan. This is often called
a gift letter. |
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Special
items.
Some lenders may require copies of car titles and ownership
documents for other major assets. If relevant, divorce or bankruptcy
paperwork should be provided. Borrowers who are relying upon
income from a legal settlement or similar source will need to
provide documentation. |
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