Mortgage Preparation Checklist

These are the things you should locate when
you're preparing to apply for a mortgage.

Pay Stub - Most recent for borrower and
co-borrower (s).

Employment History - Name and address of
employer (s) for the last two years, dates of
employment and income. Include explanation of
employment gaps, if applicable.

Social Security Number (s) - For borrower and
co-borrower (s).

W-2s - covering the past two years.

Checking and savings Accounts - Depository
institution names, addresses, account numbers and
balances. Depositories include banks, credit unions
and savings and loans. Passbooks or bank statements
from the previous three months are also required.

Stocks, Bonds and Investment Accounts
- Name and address of broker and previous three
months' statements or copies of the stock certificates.
A list of serial numbers and issue dates may be
acceptable for verifying bonds.

Life Insurance Policies - Name of insurance
company, policy number, face amount and
approximate cash value of each policy.

Retirement Plan - Approximate value of vested
interest and copy of most recent statement.

Automobiles Owned - Make and year of each
automobile owned and current market value.
(Evidence of title may be required if owned free
and clear.)

Other Assets - Estimate of the market value of
other assets (i.e, furniture or personal property).

Credit Information - For each open account,
including credit cards with zero balance, provide:
--creditor name
--address
--account number
--payment amount
--current balance
--date paid in full and copy of statement with zero
balance (if applicable)
You may also be requested to provide information
regarding any application you have maid for credit
within the last 90 days prior to applying for your
mortgage loan.

Copy of Offer to Purchase Counter Offers with
buyer's and seller's signatures.

Property Information Listing Sheet or
Multiple Listing Service Sheet provide by your
Realtor.

Copy of Earnest Deposit Check or Receipt.

Copies of Personal Federal Income Tax Returns
from the previous two years and all schedules and
w-2s if you are:
--self-employed
--employed in a family business
--a tradesman
--deriving all or part of your income from overtime,
bonus, commission, interest, dividends, a partnership
or trust -- a rental property owner
--receiving income from an otherwise non-verifiable
source such as corporate ownership, installment
sales and tips

VA Loan - Copy of DD 214, original eligibility
certificate, most recent pay stub (original) and child
care certification

FHA loan - Valid state driver's license or photo ID,
evidence of Social Security number and child care
certification.


Additional Information That May Be Required

Self-employed Borrower - Previous two years'
and current year-to-date profit and loss statements
and balance sheets, and previous two years' signed
business tax returns with all schedules and W-2s
attached.

Divorced or Separated - Copy of divorce decree
or maintenance agreement with amendments, and a
12-month payment history of alimony/child support
if it is to be considered for loan qualifications.

Renters - Landlord's name and address and
previous 12-month rental payment history. Rent
receipts or cancelled checks are acceptable.

Construction/Permanent Loan - Signed
construction contract with cost breakdown and
builder's plans and specifications.

Gifts - If source of down payment is a gift, a signed
letter is needed from the donor to verify you are not
required to repay the funds.

Past Bankruptcy - Letter explaining reason for
past bankruptcy, discharge papers and schedule
of bankruptcy.

Real Estate Owned - Name and address of your
mortgage lender, account number and most recent
year-end statement. In addition, if the real estate
owned is:
-- Currently rented - a copy of the current lease or
rental agreement on each unit
-- Listed for sale - a copy of the listing agreement
-- Sold, but not closed - a copy of the sales contract
-- Sold, closed and the proceeds form sale will be
used for the down payment- a copy of the HUD 1
Uniform Settlement Statement, provided at closing .

Recent College Graduate - If less than two years
on job, copy of your diploma or transcript and letter
explaining employment and unemployment history
since graduation.

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Thinking About Getting A Mortgage?

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