Mortgage 411

Buyer’s Checklist for Mortgage Loan Application After Purchase

  1. Fully executed sales contract
  2. Driver’s License(s) and Social Security Number(s)
  3. Resident Addresses for the past 7 years
  4. Names, addresses and phone numbers for all employers for the past 2 years
  5. Self employed applicants must provide: 2 years of tax returns (business and personal, all schedules and K-1’s) and current year-to-date income statement and balance sheet, prepared by an accountant
  6. Commissioned applicants must provide: 2 years of tax returns and current pay stub reflecting year-to-date earnings and expenses.
  7. Names, addresses and account numbers for all depository accounts for checking, savings, brokerage accounts, etc.  Balances must be provided as well as copies of the 3 most recent statements.
  8. Names, addresses and account numbers for all creditors (banks, finance companies, credit unions, credit cards, student loans, etc). Balances must be provided
  9. Copy of the complete separation agreement and divorce decree, if applicable
  10. Copy of lease(s) on rental property, if applicable.
  11. W-2’s for previous 2 years or 1099’s, if applicable
  12. Most recent pay stub(s) covering a one month period
  13. Check for credit report and appraisal.
  14. DD214 or Certificate of Eligibility (For VA loans only)
  15. Copy of contract or settlement statement of property sold or to be sold.
  16. Evidence of satisfaction of any judgements, collections or public records
  17. Bankruptcy filing and discharge papers, if applicable
  18. Power of Attorney, if applicable.