Once your offer has been accepted, PLEASE avoid purchasing any new cars, large big flat-screen TVs, or any furniture, for example. The bank does not like to see you take on more debt during the mortgage process. If you are considering doing this, please discuss this before you make any purchases with your loan officer and real estate agent.
Once you sign the purchase and sale, let your loan officer know ASAP! They will need more documents from you listed below.
1. Gather all of the requested items below (Include all requested pages, including any blank pages, for each requested document.) Minor omissions can sometimes slow down the process and delay when you receive the keys to your new home!
2. Create a folder on your computer to save all of those items. Include all requested pages, including any blank pages, for each requested document.
3. Verify all handwritten pages and that photocopies are clear.
4. Write your application number on all forms and documents.
Employment Income Information
- Two most recent pay stubs within the last 30 day period
- Two most recent years' W-2 forms
- Two most recent personal income federal tax returns - all pages, schedules and statements
- Word document of explanation for any change in job or gap in employment
- If self employed, proof of self employment for at least two years (ex. business license, proof of liability insurance, letter from your accountant)
Business Income Information (if applicable)
- Business income federal tax returns for most recent two years - all pages, schedules and statements
- Business financial statements (ex. current balance sheet, year-to-date profit and loss statement)
Other Sources of Income (if applicable)
- Most recent Social Security Award Letter
- Most recent 1099 form for all pension accounts
- Proof of receipt of child support (ex. up to 12 months cancelled checks or bank statements to show deposits)
- If you have other sources of income not specified, please discuss documentation requirements with your loan officer.
- Two most recent bank statements
- Two most recent statements for investment and/or retirement accounts (ex. 401Ks, IRAs, mutual funds, stock, etc.)
- Landlord name, address and phone number for last 2 years and most recent 12 months of cancelled rent checks
- Most recent mortgage statement or mortgage payment coupon
- Letter of explanation for credit inquiries and, if applicable, most recent billing statements for any new loans or credit obligations
- Letter explaining any derogatory credit items
- Additional documentation may be needed if you are a co-signer of debt or if you’ve had a previous bankruptcy discharge.
- A copy of the fully-signed Purchase & Sales Agreement for the property you are purchasing
- The contact info of the lawyer you are using that is approved by the bank
- Verification of earnest money deposit on subject property purchase including the source of funds (ex. bank statement)
- Homeowner’s hazard insurance binder (contact insurance agent to let them know you are purchasing a home and need homeowners insurance)
- Name and phone number of condo or co-op association representative (if applicable)
- Completed condo questionnaire
Other Information (if applicable)
- Divorce decree and/or separation agreement, and if not specified in the agreement:
- Court ordered child support agreement
- Property settlement statement
- Alimony agreement
- Mortgage, tax, insurance and lease agreement documentation for other properties owned
- Trust documents