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What to bring when you apply for your mortgage
| Verification of income |
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Pay stub(s) -- most recent for borrower and co-borrower(s), covering 30 days. |
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Employment information -- name, address and telephone number for the last two years, dates of employment and income. (Include explanation of employment gaps, if applicable.) |
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Federal tax returns -- copies of personal federal income tax returns from the previous two years and all schedules. |
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Corporation/Partnership – if you hold 25% or more interest in a business, you need corporate and/or partnership federal tax returns for two years, as well as a year-to-date profit/loss statement and balance sheet. |
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Other income and public assistance -- income from alimony, child support, separate maintenance, public assistance or retirement benefits must be proven to continue for a minimum of three years. You will need a written agreement(s) or court decree(s). |
| Verification of Funds to Close |
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Bank statements -- three months’ recent statements for checking and savings accounts or name, address, telephone number and account numbers of financial institution. |
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Stocks, bonds and investment accounts -- three months’ recent statements or the original stock certificate. A list of serial numbers and issue dates may be acceptable for verifying bonds. |
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Equity in the present home -- a signed copy of the sales contract and a copy of the HUD-1 settlement statement. |
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Gifts -- if source of down payment is a gift, a signed letter is needed from the donor to verify that you are not required to repay funds (forms available at bank). |
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Retirement plan -- if funds are used for down payment and closing costs, a copy of most recent statement is required. If not, an approximate value of vested interest is needed. |
| Verification of Credit |
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Credit information from each open account -- creditor name, address, account number, payment amount, current balance (includes credit cards). |
| Verification of Residency |
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Name, address and telephone number -- lender and/or landlord for the last two years. |
| Additional Documents That May Be Required |
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Residential sales contract -- a copy with buyer's and seller's signatures |
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Earnest deposit -- a copy of the check or receipt (if more than 2% of the purchase price). |
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Self-employed borrower -- previous two years' and current year-to-date profit and loss statements, balance sheets and previous two years' signed business tax returns with all schedules and W-2s attached. |
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Divorced or separated -- copy of divorce decree and settlement agreement with amendments. |
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Construction loan -- proposed construction contract with cost breakdown, builder's plans and specifications. |
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Past bankruptcy -- letter explaining reason for bankruptcy, discharge papers and schedule of bankruptcy. |
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Other real estate -- complete schedule of real estate (forms available at bank). |
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Recent college graduates -- if less than two years on the job, copy of your final transcript. |
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