| 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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