Documents Needed for Mortgage Loan Application USA

by Maria John Senior Mortgage Executive

To get a mortgage approval today, you can expect to provide a full set of documentation verifying your financial and personal life. If you know what to expect and your lender is organized, this is less painful than it sounds. Below is an overview of what documents needed for mortgage application USA.

All Borrowers:
o W-2s for the previous two years
o Paycheck stubs for the last 30 days
o Employment history for the last two years (address any gaps of employment)
o Checking and savings account statements for last two months (all pages)
Note: All non-payroll deposits must be documented; please make a copy of the check before you deposit it.
o Most recent statements for 401(k)s, stocks and other investments
o Signed federal tax returns from the last two years
o Residency history over the last two years, with name, phone number, address and account number of landlord or mortgage company
o If you paid off a mortgage in the last two years, copies of HUD-1 or Release/Satisfaction
o Photo identification (valid driver’s license or passport) for applicant and co-applicant
o Check or credit card information for credit report and appraisal fee

Documents Needed For VA Loans:
o Veteran DD214 or Veteran Reservists DD256
*Additional items may be requested during the loan underwriting phase if more information is required to guarantee your loan

Documents Needed from Self-Employed Borrowers:
o Copies of most recent two years corporate tax returns (with all schedules)
o Year-to-date profit & loss statement and balance sheet
o Copy of business license or CPA contact information
o 1099s or K1 forms

Documents That May Be Required:
o If Refinancing: copy of note, deed of trust or mortgage, HUD-1 settlement statement, survey and homeowners insurance information
o If you’ve previously filed for bankruptcy: copies of petition and discharge, including supporting schedules A through K
o If applicable: divorce decree
o If relocating, and the relocation is financed by an employer: buyout agreement, plus documentation outlining company-paid closing costs/benefits
o If applicable: documentation supporting monies received from Social Security/retirement/disability, i.e. copies of direct deposit bank statements, awards letter and evidence that income will continue for at least three years
o If you own one or more rental properties: copies of leases, mortgage statements, homeowners insurance, and property tax statements

Please use the following document checklist to ensure that you have everything you need to complete your loan application. As always, consult with your loan officer if you have any questions!