When applying for a mortgage, you will be asked for paperwork at several different times through the process.

The FIRST set of documents that need to be gathered includes:

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A copy of your driver’s license.

The name and phone number of the homeowner insurance agent of your choice.

A copy of all of your W2 forms from the past two years. (Your tax returns are a separate item. This is the form that your employer sends to you at the end of each year, showing how much money you made.)

A copy of your tax returns from the past two years, with the 2nd page signed. This includes all pages, schedules and K-1s. If you have ownership in any partnerships or S-Corporations, you will have K-1s and we will need a copy of each of them.) Page 2 of the return must be signed on the signature line.

Copies of your two most recent paystubs, or enough paystubs to cover a full month’s worth of pay. Paystubs must include Year To Date (YTD) pay, as well as a breakdown of all withholdings.

Copies of your two most recent bank statements on all checking and savings accounts. Please make sure to include all pages of each statement, even if they are blank or seemingly unimportant. Compliance requires all pages, even if the missing pages do not contain relevant information. Statements must show your name, full account number, and all transactions for the month.

  • Also, please make a list of all deposits into your account that are not payroll related. The underwriter will require you to document where the funds came from on all non-payroll related deposits, including transfer(s) made from one account to another. We will need statements for all accounts that monies are being transferred from and to.

If you are using funds from a mutual fund, stock or retirement account to purchase a new home, you will need to show proof of liquidation. This includes:

  • A statement (all pages) on the investment account covering a 60-day period prior to liquidation.
  • A copy of the sale confirmation, check or wire transfer of funds once liquidated.
  • An updated statement (all pages) on the investment account reflecting all activity and balance after liquidation.
  • An updated statement on the checking account that the liquidated funds were deposited into.

A copy of the canceled earnest money check as well as an updated statement or online printout from the checking account the check was drawn on, showing the check clearing the account. (Again, please remember that any non-payroll deposits will need to be documented and explained.)

A gift letter if you are receiving a gift for funds being used in the transaction. We will also need to paper trail the transfer of funds from the donor’s account to yours. Any deposits made into your account linked to a family member will be considered a gift.

A copy of the fully executed sales contract on the new home you are purchasing.

A copy of the sales contract on your current home, if you are selling your current home and using the monies from that sale for the new loan. We will also need a copy of the settlement statement, once you have closed, showing how much money you made on the sale.

Contact information for current landlord (if applicable) or a copy of your current mortgage bill (if applicable).

A signed letter of explanation for each credit inquiry reflected on your credit report. (We will provide you with a list of inquiries and a preliminary letter format.)

A signed letter of explanation for all address discrepancies that are reflected on your credit report. (We will provide you with a list of address discrepancies and a preliminary letter format.)

A signed loan application and disclosures, which will be sent to you.

Additional items that may be requested based on your specific situation:

A copy of current lease(s) on any rental property.

Information on any other property that you own, including property tax, homeowner’s insurance and association dues.

Retirement income documents, including Social Security award letter(s) and pension award letter(s).

A copy of a divorce decree, separation agreement and/or parenting plan.

A copy of your college diploma, if you have graduated in the past two years.