Loan Process > Required Documents

Depending on the type of loan you are applying for, you may need to provide additional documentation in order for your loan to close. Below we've listed some of the documents required to close a "FULL DOC" loan. You will only need to provide those documents which pertain to your individual situation. Your personal mortgage consultant will discuss this with you. Keep in mind this is a general list only and you may be required to provide additional documentation before your loan can fund or you may not need some of the items listed below.

Income Items

• The last 2 years of W-2s or 1099s if applicable
• Most recent pay stubs to cover a 30 day period
• Name, address and telephone number for all employers for the past 2 years
• Federal tax returns (1040’s) for the last two years if;
  • You are self employed
  • Earn regular income from capital gains
  • Earn more than 25% of your income from commissions or bonuses
  • Own rental property
    • Rental income
    • Current leases
    • Mortgage statement for each rental
• Or are in a career where you are likely to take non-reimbursed business expenses.
• Year-to-date profit and loss statement (for self employed)
• Corporate or Partnership tax returns
• Pension Award Letter (for retired individuals)
• Social Security Award letters

Asset Items

• Bank statements for previous two months (All pages, even if you don't think them important.)
• Statements for two months on all stocks, mutual funds, bonds, etc...
• Copy of latest IRA/401K statement (or other retirement assets because they can count as reserves)
• Explanations for any large deposits and source of those funds
• Copy of HUD1 Settlement Statement on recent sales of homes
• Copy of Estimated HUD1 Settlement Statement if a previous home is for sale, but not yet closed
• Gift letter (if some of the funds come as a gift from a family member - broker will supply a blank form)
• Gifts can also require:
  • Verification of donor's ability to make the gift (bank statement)
  • Copy of the check used to make the gift
  • Copy of the deposit receipt showing the funds deposited into your bank account or escrow
• Note: many get their statements of various kinds over the internet and these are not always acceptable to lenders, especially when the printed version does not contain the borrower's name, account number, and the name of the institution.

Credit Items

• Landlord's name, address, and phone number (if you rent - for verification of rental)
• Explanations for any of the following items which may appear on your credit report:
  • Late payments
  • Credit inquiries in the last 90 days
  • Charge Offs
  • Collections
  • Judgments
  • Liens
• Copy of bankruptcy papers if you have filed bankruptcy within the last four years

Other

• Realtor contact information
• Copy of purchase agreement (if you have already made an offer)
• To document receipt of child support (if you desire to show it as income)
  • Copy of Divorce Settlement (to show the amount)
  • Proof of receipt of this income, ie - cancelled checks, bank statements, statement from child support division

FHA Loans

• Copy of Social Security Card
• Copy of Driver's license

VA Loans

• Copy of DD214
• Original Certificate of Eligibility
• Driver's License

Refinances

• Copy of your most recent monthly mortgage bill
• The following cannot hurt to have ready, but are not as necessary as they once were:
  • Copy of Note on existing loan
  • Copy of HUD1 Settlement Statement on existing loan

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