The Boy Scout motto "Be Prepared" really applies when you are starting to shop for a mortgage loan. By now everyone knows that the loans are all (98% to me = all) full documentation. Along with the loan application and signing the supplemental documents here is the basic list that you will need when you shop for a mortgage loan. It may be a good idea to always have these items available and "be prepared".
By the way your taxes always have to be filed when you want to get loan approval. Last year we had a loan turned down on May 7th because the customer had not done his taxes by April 15th. Even though he had an extension the bank turned the loan down---so really, "be prepared".
Here is the basic list:
- One full month's worth of pay stubs
- Last 2 years W-2's
- If self employed: Last 2 years tax returns with all schedules (if you are using commission, dividend or rental income to qualify then you will also need to provide your tax returns)
- Address and phone number of all employers for the last two years.
- Address and phone number for all landlords for the last two years.
- Copies of social security, pension, and/or retirement award letters (if applicable)
- Last two months bank statements for all accounts
- Documentation to support your funds to close
- Explanation for any derogatory credit (if applicable)
- Bankruptcy and discharge paperwork (if applicable)
- Divorce decree and settlement paperwork (if applicable)
Doug Jones
Mortgage Magic
NMLS 286668
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