From the page on applying for, processing and underwriting a mortgage, you can get an idea what documents we require for the process because you will see what we are trying to determine. The majority of loans are called "fully documented". Here is a fairly complete list of documents required for most fully documented mortgage loans. Further down the page are examples of when less documentation is required and also some instances when additional documentation is required:

What is Needed For Most Fully Documented Loans

Verify Identity, Citizenship, Birth, Birthdate (Passport, Social Security Card, Photo ID, etc.)

• Your social security number and birth date and those of any co-borrowers.

Income & Employers (Paychecks)

• Pay-stubs to cover the most recent month (4 week) period. It is best if they show year-to-date earnings.

• The names, addresses, and telephone numbers of your employers for the past two years.

Official Verification of Employment (W2's)

• Your W-2 tax forms for the past two years for all jobs held by all borrowers/coborrowers

Assets & Accounts (Statements)

• You will need the account number and current balance of your checking account, savings account and any other accounts you have. 

• Be prepared to provide the name and address of the financial institutions. 

• If you have enough funds in one account to cover all of the cash requirements of the mortgage, you may not need to provide the information about the other accounts.

• Bring account statements to cover a period of 3 months for all of the accounts.

• Be prepared to provide a list of current assets such as IRAs, 401K, certificates of deposit, stocks, and bonds--this is especially possible if you will be using all or part of them to cover your settlement expenses or down payment.

Personal Property

• We will ask the approximate value of personal property including life insurance that has cash value, retirement accounts, vehicles you own and other tangible personal property.

Liabilities

• We will obtain the name of each creditor, the monthly payment and total amount due for all liabilities that show on your credit report. You will need to provide proof of payment of derogatory credit that has been repaid or in repayment

Current and Previous Addresses

• If you rent, we will need the property address, name and address of the landlord, and rental amount for the past two years.

• If you now own a home, we will want the property address, current market value, mortgage lender name, account number, current monthly mortgage payment, and outstanding mortgage balance due. We will want to know whether you are selling or renting the present home. If it is listed with a broker &/or under agreement for sale or leased, we will want copies of the appropriate listing, sales or lease agreements.

Agreement to Purchase

• If you already have an Agreement to Purchase a home, we will want a copy of it, fully signed with original signatures. It needs to be a complete copy with all amendments and attachments. It helps if you can give us a copy of the listing form for the property  and the legal description of property. The selling broker will need to provide us with photocopies of the earnest money check or money order you put in escrow with the agency. The agent will also need to confirm in writing how much money of yours that they are holding in escorw. 

• Don't worry if you don't have a signed agreement. We often allow potential borrowers to apply for a mortgage with the property described as "To Be Determined".

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When Would all of the Above Information NOT be Needed?

If you are applying for a "True No-Doc" of limited documentation mortgage, your loan officer may tell you that some of the paperwork is not needed. On some conventional loans, you may qualify to have the application submitted using Desktop Underwriting or the Loan Prospector. These two means of submitting applications may also eliminate some of the paperwork requirements. Ask your loan officer if you qualify.

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When Would I be required to Supply Additional Documentation?

If you have derogatory credit (late payments, collection accounts, etc.)--

• We will want a letter explaining what happened to cause the problem(s) and proof of any payments of back balances.

If you have credit inquiries on your credit report--

• We will want a letter explaining the reasons for the inquiries and whether any new credit was extended as a result of the inquiries.

If you are self-employed or work on a commissioned basis--

• We will probably ask for full copies of you federal tax returns and all schedules for the past two years

• You will also, likely, need to provide us with a year-to-date profit and loss statement.

If you are separated or divorced--

• We will want a copy of your divorce decree and/or separation agreement

If you receive or pay alimony or child support--

• We will want proof of the payments you receive or are required to make for the past 12 months).

If you have had a bankruptcy that still shows on your credit report--

• We will want a complete copy of the bankruptcy petition, including the discharge papers. Don't provide only the discharge document.

Are you applying for a Department of Veterans Affairs (VA) Loan?

• We will need your DD214 form (discharge papers) which must be for an Honorable or General Discharge

• If you already have it, we will need your certificate of eligibility. If you don't have one, we can get it for you.

Are you applying for a Federal Housing Administration (FHA) 203K (purchase/renovation) Loan?

• Bear in mind that your appraisal costs will be higher because of the requirement to have an FHA inspector determine what, in HIS opinion, is required to repair the property and also what the repairs costs will be. A number of other, out of the ordinary, documents may be required from you or be prepared by the loan processor. Note, there are also associated additional costs in connection with release of the repair moneys as the renovation/repairs proceed to completion.

Is your credit such that you need to prove alternative credit exists?

• This is a tough one, done on a case by case basis. Be prepared to supply whatever you can to prove you have been extended credit that qualifies as "alternative credit". Talk to your loan officer and processor. This documentation may be supplied at the time of application, but is more likely to be asked for after you have already applied.

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