Documents needed for a mortgage
General documents that should be gathered for a mortgage loan, additional documents may apply as not every loan is the same. (Conventional, FHA, VA, USDA, Foregin National, ITIN and noncoforming). We created a guide to get a mortgage quote and beyond. Income is generally the toughest and can be the most important factor in help determining what you may qualify for. Tell us what you think of our list.
Income for all loans (with exception of 12 or 24 month bank statement loans, Foreign Nationals)
- Past 2 years of borrower(s) W2’s (end of year paycheck stub may be considered)
- Any explanations of deposits of 50% or greater of monthly income
- Past full month of borrower(s) paycheck stubs
- Two most recent months of bank statements and/or securities statements (unless using assets as income, then 12 months are needed)
- Any other source of income, such as but not limited to: annuities, pensions, dividends, interest etc. (please provide income should last for 3 years)
- Rental income, need a copy of the lease (all pages) An appraisal might be needed on this rental property if going FHA, and you did not claim rental income on your previous year tax return.
- If you own 25% or more of your business, past 2 years of full tax returns (all pages) including 3 months of business bank statements. Also provide signed and dated documents of: year-to-date profit and loss, current balance sheet (Please note, if you are self employed and W2 yourself, then please provide a full 2 years of W2 and personal and business tax returns)
General Information for all loans
- Credit report (any liabilities)
- 2 years of reportable tradelines
- Past full month of borrower(s) paycheck stubs
- Copy of ID/Passport (Green card, work permit or other applicable document)
- Complete a 1003 application (Phone number, email address, 2-year history of where the clients has lived)
- Copy of homeowners insurance, flood insurance, declaration page (for purchase, need insurance quote on the purchase contract)
- If receiving a gift to purchase a home, a gift letter is needed (FHA may have restrictions, such as gifts only from direct family)
Other potential documents
- Purchase contract (if applicable)
- Escrow letter, proof of down payment, including the bank statement where it came from (purchase)
- Homeowners association coupon slip (refinance)
- Estoppel of homeowners association (purchase)
- Master homeowners and flood policy (if in a homeowners association)
- Divorce decree (if applicable)
- Proof of any properties are free-and-clear such as homeowners insurance declaration page (if applicable)
- Any grant(s) information
- FHA addendum (purchase)
VA Loans
- Certificate of Eligibility (VA only)
Foregin National loans
- Letter of Good Standardings (Foregin National)
ITIN loans
- Any applicable documents from the lists above.
If you are refinancing a property and looking for a pre-approval, apply with MortgageQuote.com as we are the first step to a pre-approval.
Sources
Complete Checklist of Documents Needed for a Mortgage
7 documents you need when applying for a home loan
Documents Needed for a Mortgage Preapproval Letter: A Checklist