During the Mortgage application 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. 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.
Verification of Income
Personal federal tax returns (1040 or 1040A) for the last two years, including all schedules
Paystubs from the last 30 days for each borrower
W2's for the last two years for each borrower
For income from Self-Employment or a Business:
K-1s for the last two years, if applicable
25% or more ownership interest, Business federal tax returns (1065, 1120S, 1120) for the last two years
For Income from Retirement:
1099 forms for the last two years
Most recent award letters or pay vouchers
Verification of Assets
All statements for the most recent two months from accounts that you will use for closing funds and reserve accounts, including checking, savings, CD, money market, mutual fund, IRA, and 401K accounts
Verification of Liabilities
Alimony/Child Support: Divorce Decree, Settlement Statement, Separation Agreement, Court Order
Private Mortgages/Notes: Copy of note, deed and 12 months cancelled checks, contact information of note holder
Derogatory items in the most recent 24 months (late payments, collections, judgments, tax liens): Letter of Explanation
For all properties you own, including the subject property
Copy of the mortgage statement(s)
Copy of the current homeowner's insurance policy including declarations page
Copy of the current property tax bill
Once your loan application is submitted, it is important to not apply for new loans, open new credit, increase balances on any debts, or move funds between accounts. Any of these situations could adversely affect the loan decision at closing.