Checklist of items needed for Purchase Residential mortgage loans. Please print this page and assemble the following checklist of documents.

Please provide the checklist of documents electronically. The preferred file types for each file are .PDF (Adobe Acrobat) files

Loan Application – Online Mortgage Application

The online loan application will take 20 to 40 minutes to complete.
After you have completed the online application, our office will prepare disclosures that must be signed (after the online loan application has been completed).

* Note: The name(s) on the loan application has to match exactly as what is on the Real Estate Purchase contract.

IE. George A. Washington, both must be George A. Washington. If one is George Albert Washington, then one of the documents will need to either be changed to George A. Washington or George Albert Washington. Please coordinate with the Realtor(s) prior to having the purchase contract written.

ID for each borrower (electronic).

  • Drivers license (for each borrower)
  • Social Security Card (for each borrower)
  • If a Foreign National – must be able to present documents for “Permanent Resident Alien” status (I-94, Green Card)

Income Documentation
Tax Returns (past 2 years) – All pages, all schedules, all forms. (Federal Only – State Tax Returns are not needed).

  • Tax Returns (1040) The signature page of the 1040 MUST be Signed & dated. The date can be the current date.
  • K-1’s – if you receive K-1’s, you must provide a copy of each K-1 you receive.

If a W2 Employee

  • Pay Stub – 30 day’s (1 month) of the “Most Recent” pay stubs, “consecutive ” no gaps in-between pay stubs; with Year To Date earnings.
  • You’ll need to provide all future pay stubs until the closing of the loan.
  • If you have an employment contract, provide a copy of the employment contract.
  • If one of the borrowers has just switched jobs, must have 30 days worth of pay stubs from the new employer (job).
  • W2’s – for the past 2 year years

Note: If you have been a salaried employee (W2 Income employee for the last 2 years +, you may only need W2 pay-stubs. If you have other income reported on your tax returns other than your W2 income, then you will need the tax returns OR if the underwriter requests the tax returns for some other reason.

Self-Employed (business owners & anyone with 25% ownership in any business)

  • 2 years of Business tax returns (Personal & Business tax returns – each business/company set of tax returns). All pages, all Schedules; including K-1’s, you must provide a copy of each K-1 you receive.
  • If the most recent year’s returns have not been filed, provide signed extension letter and the two years prior with a year to date Profit and Loss statement)
  • Current Year to date Profit and Loss Statement (This is required – Does Not need to be from a CPA nor audited – Don’t procrastinate putting this together if you don’t have this prepared. It will only slow down the time to close the loan as processing & underwriting will be delayed) – (YTD) Year to date earnings.
  • Letter from your CPA (not Accountant), signed & dated verifying that you are self-employed and how long you have been self-employed. The CPA must state that he verify the length of time you have been self-employed. I.e. – If you have been in business for two years, the letter must state that you have been self-employed for two (2) years.
  • The following items also need to be provided: Articles of Incorporation documents, Business License, Website print out
  • Other items can be requested by the underwriter, pending on the individual’s personal situation.

1099’s (Any 1099’s each borrower has for the past 2 years).
Government-issued 1099’s

  • 1099-G’s
  • SSA-1099 – (For Social security Income). SSA-1099 is mailed to you in January showing the total amount of benefits you received in the previous year. If you are a nonresident alien who received or repaid Social Security benefits last year, you will receive an SSA-1042S instead.

Getting A Replacement SSA-1099 SS 1099’s
Other Income Sources – If you receive income from any of the following:
Social Security, Alimony, Child Support, Disability, Workman’s Comp, unemployment income, or, any other benefits.
Provide a copy of the award letter or paperwork associated with that income source.

  • Social Security, Alimony, Child Support, Disability, Workman’s Comp, unemployment income, or, any other benefits. (Then provide a copy of the award letter or paperwork associated with that income source).
  • Pension Income: award letter/statement.
  • Alimony &/or child support: Must provide proof for the past 6 months (all pages) of bank statements to show the funds being paid have come into your bank account. Must be paid into your bank account, not cash payments or this income source cannot be used.
  • School Grants: a copy of the grant paperwork.

If Just out of school, a copy of your school transcripts may be needed if there is not a work history for the previous two (2) years.

  • Copy of school transcripts & diploma or discharge letter from the military contact information for the school to verify time in school.

Employment Gap Letter of explanation

  • Any time gaps in employment in the last 2 years greater than 30 days will need a letter of explanation to explain why there is a gap of any un-employment or change in employment, how long the gap was for and any comments regarding the gap in employment.

Verification of Employment – (Employment Details)
HR / Human relations or individual contact details who is responsible for verifying both employment and salary or income from the borrower’s employment.

  • Name of person in HR Department
  • Tel # of HR Department
  • Email address to the person in HR Department

If your employer (company) uses “The Work Number“, we need the access codes to verify employment:

  1. Employer ID
  2. Salary “Key Code”
  3. Company “Key Code”
  • Note: To have the bonus or overtime income used, you must have had it for the past two (2) years & it must be able to continue in the future, otherwise it can’t be used.

Asset Verification (Proof of Financial Assets)

Bank Statements: Last 2 month’s of bank statements (each bank account) – (Savings, Checking, Brokerage accounts i.e. = Stock, Bonds, IRA’s, 401K’s, any other investment accounts) – with the address of your bank or credit union. You cannot black out the bank account number or names on the bank statement.

Retirement account(s): All pages of statement(s). Must include the “Terms & Conditions for Withdrawl”


  1. All pages required for each statement.
  2. Two (2) most recent statements for each account
  3. Account names must be the signors on the loan. If the name on the bank statements is not one of those signing on the loan (ie. a spouse or a parent), a letter from both the bank stating the person on the loan is either on the account but not on the statement and also a letter from the person whose name is on the bank statement that says the person signing on the loan has full access to withdraw funds from the account for any purpose.
  4. If any large deposits have been made in the last two (2) months, must be able to show where the large deposits came from by either.

Home Owners Insurance Agent Contact Details

Name, Phone #, Email Address, Fax #

If you have other properties, provide the insurance agent for each property if they are different insurance agents.

If you have any other properties that you own, we will need a current evidence of insurance for each property owned (the insurance agent to provide).

Purchase transaction(s) (If the loan is to buy a house)
Purchase contract & all addendum’s
Copy of earnest money check & agreement (processed from the bank – front & back of the check)
Real estate agent(s) contact details (Buyers agent & Sellers Agent). (If you don’t have a real estate agent, we will refer you to an agent to work with you).

  • If you recently sold a house or another property, a copy of the Settlement statement (HUD’s), signed by both the buyer and the seller and the escrow officer.

Proof of the deposit of the funds from the sale of the property (Bank statements).
If another property/home was sold recently, Closing Disclosure (or Settlement statement) from the title company, signed by both the buyer and the seller and notarized by the title company.
If a short sale took place in the last 2 years
Copy of the short sale acceptance letter from your previous mortgage lender
Closing Disclosure (or Settlement statement) from the title company, signed by both the buyer and the seller and notarized by the title company.
Verification of Rent (VOR) (Housing History) – (May be needed) If you have been renting & you are now buying a home.
Note: (For Conventional Loans, FHA Loans do not require this.

  • Contact of who you’ve been renting from for the past two years giving a history of your payment history & amount – We will supply this document by either email, fax or courier to them. We need to have their name, phone number, fax & address. If you have had multiple locations within the past two (2) years, we need to have two (2) years worth of rent history to verify.
  • Copy of canceled checks (Front & Back) for the past 12 months

VA Loans – Required paperwork

  • If still in the military (Active Duty or the Reserves), Enlistment papers.
  • If separated from the Military, VA Certificate of Eligibility – Form DD-214
  • If disabled, paperwork showing your disability status. This is required to waive the VA funding fee.
  • If you have previously had either an FHA loan or a VA loan, we must have your previous FHA or VA Case Number.
  • If disabled, paper-work showing proof of disability.


  • We (the lender) orders the appraisal on loans through an AMC (Appraisal Management company).
  • Payment of the appraisal is paid for upfront by either debit or credit card prior to the appraisal being ordered.
  • We can accept appraisal transfers in most cases. It is case by case based on the loan product and the lender that is used.

Other documents:
Mortgage Statement(s)

  • If you own another property(ies), a copy of the mortgage statement on each property that has a mortgage. If the other property(ies) do not have a mortgage or if the mortgage does not have the property taxes and homeowners insurance escrowed, provide a copy of the homeowners insurance and a copy of the property tax statement.

HOA (Home Owners Association)
If the property being financing or any other property that you own is in a homeowners association, (PUD or PRUD or Condo Association)
Contact details for the Home Owners Association management.
Copy of the most recent statement / Invoice for the HOA (even if it is for a different property that is owned and not being financed to show what the payments are and if you are current or not current with the HOA).
Letters of Explanations: See below Rules of Thumb for when to write a letter of explanation:

  • When you need to explain anything verbally, a letter of explanation in writing must be done.
  • When you wonder about any topic if you need to explain anything, write a letter of explanation.
  • Please have the letter of explanation, dated & signed by each borrower (and co-borrower if needed).
  • If a spouse or another individual is on the bank statement, and that individual(s) are not on the loan, then a “Joint Access Letter” is required. It must state: The other individual(s) on the bank account gives authorization to the person getting the loan to use the funds for the purpose of buying the house (property). Must be signed & dated.

Credit Explanations

  • Credit Issues that need to be explained, please provide a letter of explanation and any documentation available.
  • Any and each person (borrower and/or co-borrower) that has Applied for or RECEIVED a new account from any company in the past 12 months , MUST write a letter of explanation explaining why they applied for and why they received a new account if there is a new account (for whatever the purpose of the reason for applying is).
  • Note: It doesn’t matter the type of loan or account, whether it is a rewards card at a department store, an auto loan, or anything else, or have applied for a mortgage at another financial institution (bank, credit union or mortgage company) even if it is after you have applied for a loan with us, we will know and you will be required to write a letter of explanation for even future inquiries between now and when the loan funds.

Divorce Decree (If Divorced or if you’ve previously gone through a divorce, even if you’re remarried)
Bankruptcy (If previously filed for Bankruptcy)
Copy of Bankruptcy Discharge document(s)

Leave a Reply