Mortgage Document Checklist

by Shashank ShekharJuly 13, 2015

mortgage-documents

DOCUMENTS NEEDED for Pre-Approval and Underwriting

Identity and income verification

  • □ Full legal name, Social Security number, and birth date (in some cases, you may be asked to provide a copy of your Social Security card)
  • □ Phone number, email address, and current and former residential mailing addresses over the last two years
  • □ Primary and secondary income amounts and sources
  • □ Government-issued photo ID
  • □ Name, addresses, and phone numbers of all employers over the last two years
  • □ Values of bank, retirement, investment, and other asset accounts
  • □ Monthly debt obligations
  • □ Address of property being purchased, year built, estimated down-payment amount, and purchase price
  • □ Estimates of annual property taxes, homeowners insurance, and any homeowner association dues

Credit verification

  • □ Credit explanation letter for late payments, collections, judgments, or other derogatory items in credit history
  • □ Source of funds documentation for any large deposits on asset or bank statements
  • □ Judicial decree or court order for each obligation due to legal action
  • □ Bankruptcy / discharge papers for any bankruptcies in credit history
  • □ Payment history for public utilities, phone, cable TV, car insurance, and other expenses

Income verification – self-employed

  • □ Federal tax returns (personal and business) for the past three years
  • □ Profit and loss statement – year-to-date
  • □ List of all business debts

Income/tax documents

  • □ IRS Form 4506-T – Request for tax transcript, completed, signed and dated
  • □ Pay stubs covering the last 30 days
  • □ W-2s for the past two years
  • □ Federal tax returns (1040s) for the past two years
  • □ Asset/bank statements – Most recent two months’ statements for all accounts listed on the application (include all pages of the statement, including ones that are blank)
  • □ Written explanation if employed less than two years or employment gap exists within the last two years

Other

  • □ Homeowners insurance information, including agent’s name and phone number
  • □ Purchase contract signed by all parties
About The Author
Shashank Shekhar
Amazon.com Best-selling author, Shashank Shekhar (NMLS 8176) is a mortgage lender with Arcus Lending, offering loans for home purchase and refinance. Shashank has been featured as a mortgage expert on Yahoo! News, ABC, CBS, NBC and FOX. He has been named "Top 40 under 40" most influential mortgage professionals in the country.
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