Mortgage Documents Checklist

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Mortgage Documents Checklist

During the mortgage closing process, you and your co-borrower, if you have one, will need to provide your lender with certain documentation in order to verify your credit eligibility and overall financial situation. For more information use our checklist to help you prepare. The types of documents you may need to provide will vary based on your mortgage product, property and financial circumstances. The documentation guide below may not represent a complete list of documents you may be required to provide. The list is subject to change and is not a commitment to lend.

Documents You Will Need

Hourly, Salary, Overtime, Commission or Bonus Income
Social Security/Disability, Pension, Retirement
Other Income

Hourly, Salary, Overtime, Commission or Bonus Income

Pay stubs from the last 30 days
W-2s for the last two years
Personal Federal tax returns for the last two years

Social Security/Disability, Pension, Retirement

Social Security/Disability

Most recent award letter
1099 forms from the last two years
Personal Federal tax returns from the last two years

Pension

Most recent pay voucher
1099 forms from the last two years
Personal Federal tax returns from the last two years

Retirement (IRA)

IRA account statements from the last two months confirming balance of account
1099 forms from the last two years
Personal Federal tax returns from the last two years

Other Income

Interest/Dividend Income

Personal Federal tax returns from the last two years
Account statements from the last two months for accounts generating interest/dividend income
1099 forms from the last two years

Capital Gains

Personal Federal tax returns for the last two years
Documentation of current level of assets to support continuance of income

Note Income

Personal Federal tax returns from the last two years
Copy of note and deed
Evidence of receipt (i.e. cancelled checks, bank statements, etc.) for the last 12 months

Alimony/Child Support

Divorce Decree, Settlement Statement, Separation Agreement, Court Order
Evidence of receipt (i.e. cancelled checks, bank statements, etc.) for the last 6 months

Note: alimony, child support or separate maintenance income need not be revealed if the income is not to be considered for repayment of the loan.

Royalty Income

Personal Federal tax returns for the last two years
Copy of royalty contract/agreement

Rental Income

Personal Federal tax returns for the last two years
Copy of current lease agreement
Most recent mortgage statement, hazard insurance premium, HOA fees

Business Income
Assets
Liabilities

Business Income

Schedule C/Sole Proprietor

Personal Federal tax returns for the last two years
P&L through most recent quarter end

Partnership (1065)

Personal Federal tax returns for the last two years
K-1s for the last two years
1120S business returns (if > 25% ownership) for the last two years
P&L and balance sheet through most recent quarter end (if > 25% ownership)

Corporation (1120)

Personal Federal tax returns for the last two years
1120 business returns for the last two years
P&L and balance sheet through most recent quarter end

Assets

Bank statements from the last two months, to include a list for the following account types:

Checking, savings, CD, money market, mutual funds, IRA, 401K
Terms of withdrawal if 401K, or other retirement savings associated with employment
Source of any large deposits > 50% of qualifying income and provide letter of explanation for each
Gift funds - Gift Fund Letter; source of gift funds and evidence of deposit to borrower's account or escrow
Real estate proceeds - final settlement statement confirming net proceeds received
Secured borrowed funds - evidence of receipt of funds; document balance and payment for loan after funds received

Liabilities

Alimony child support - Divorce Decree, Settlement Statement, Separation Agreement, Court Order
Private Mortgage/Notes - copy of note, deed and 12 months cancelled checks, amortization schedule, contact information of note holder
Letter of explanation for derogatory items in most recent 24 months - Late payments, collections, judgments, tax liens
Co-signed debt or debt paid by other party - 12 months evidence of other party payment
Solar lease or power purchase agreement (if on subject property)
Bankruptcy - document occurrence greater than four years ago
Foreclosure - document occurrence greater than seven years ago
Short Sale & Deed in Lieu - document occurrence greater than four years ago
Document tax liens, judgments, paid in full and released

Other Items

Other Items

Vesting to be in a Trust - Trust Certification and Trust Agreement (first page containing name of trust, trustees and trustors and signature page only)
Current Hazard Insurance Policy for subject property
Current Flood Insurance Policy for subject property and evidence of paid receipt (if applicable)
Purchase contract (if applicable)
Septic, well, termite reports (if applicable for purchase transaction)
Private Road Maintenance Agreements (for subject property, if applicable)
HOA contact information, fees, documentation, master insurance (for condo)