MANAGE YOUR MORTGAGE DOCUMENTS COMMON LOAN TYPES FHA 3.5% Down Payment 640 Credit Score Required Mortgage Insurance Required for the life of the loan Only used for Primary Residence VA Your lender will request documentation throughout the mortgage process. The amount of documentation needed to obtain a mortgage can be confusing, but we hope to simplify it for you. Below you will find a list of documents needed to begin the mortgage process. Read the following questions, if it pertains to you then the necessary documentation is listed for you. Your lender will help answer any questions you have about these necessary documents. 0% Down Payment 620 Credit Score Required Mortgage Insurance Required? -- No Only used for Primary Residence CONVENTIONAL 5%+ Down Payment 620 Credit Score Required Mortgage Insurance Required? -- depends on down payment Used for Primary, Secondary and Investment Property
NEEDED FOR ALL LOANS/BORROWERS: Clear copy of Drivers License and Social Security Card Executed loan disclosures provided by Lender I RECEIVE A W2 FROM MY EMPLOYER AND RECEIVE HOURLY OR SALARY PAY Pay stubs for all borrowers covering the most recent 30 days W2 forms for all borrowers for the most recent 2 years I RECEIVE BONUS OR COMMISSION PAY Pay stubs for all borrowers covering the most recent 30 days W2 forms for all borrowers fro the most recent 2 years Most recent 2 years of personal Tax Returns I RECEIVE A W2 FROM MY EMPLOYERS AND RECEIVE AN HOURLY OR SALARY PAY Pay stubs for all borrowers covering the most recent 30 days W2 forms for all borrowers from the most recent 2 years I RECEIVE SOCIAL SECURITYOR PENSION INCOME Award letter from SSA or pension provider Most recent 2 years of 1099-SSA for Social Security or 1099-R for Pension Most recent 2 years of personal Tax Returns I OWN PROPERTIES OTHER THAN THE ONE I AM PURCHASING Recent mortgage statement Homeowners Insurance Declaration pages (all) Recent years Property Tax Bill Recent HOA bill statement or coupon (if applicable) I RECEIVE INCOME FROM THE OTHER PROPERTIES I OWN Most recent 2 years of personal Tax Returns Signed Lease Agreement If this is a new rental property: Copy of security deposit check Bank statement showing the security deposit check was deposited to your account I RECEIVE INCOME FROM A BUSINESS I OWN OR HAVE OWNERSHIP INTEREST GREATER THAN 25% If sole proprietor and income is reported on the Schedule C of your personal returns: Most recent 2 years of personal Tax Returns Most recent 2 years of 1099-misc If your business is structured as an S corporation Most recent 2 years of personal Tax Returns Most recent 2 years of 1120S Tax Returns Most recent years of K-1’s If your business is structured as a partnership Most recent 2 years of personal Tax Returns Most recent 2 years of 1065 Tax Returns Most recent years of K-1’s ASSET DOCUMENTATION Bank statements covering the most recent 60 days containing all pages, even if the page is blank. (A printout of the transaction history from your online account isn’t acceptable per underwriting guidelines unless it accompanies an actual statement and the reporting periods are consecutive.) Retirement account statement covering the most recent 60 days if applicable IF THIS IS A REFINANCE LOAN Home owner Insurance Declaration page of current insurance policy for subject property Previous survey for the subject property Previous owners Title Policy, including Schedules A and B for the subject property Loan qualification based on applicants credit worthiness, not all applicants may qualify for a mortgage and or mortgage programs. All loans subject to Lender approval and underwriting guidelines, loan program availability and terms subject to change without notice.