Mortgage Application Checklist
What The Buyer Should Bring: (applies to all applicants)
- Name and Address of current employer(s) for the past two years
- Most recent payroll stubs showing year-to-date information covering the latest 30-day period.
- Social security or retirement income verifications
- Residence addresses for past two years (utility bill, cable bill, etc.)
- Name, address, and phone number of landlord (s) for the past two years
- Lender's name, address, and telephone number on your present home
- Proof of disposition of present home by providing a listing contact, offer and acceptance, or closing statement (HUD 1).
- List of all debts-for each including:
- Account Number
- Monthly payment
- Lender's Address
- Current Balance
- Last three statements for each bank account reflecting the:
- Bank Address
- Type Account
- Account Number
- Current Balance
- Copy of Social Security Cards
- DD Form 214 or Certificate of Eligibility (VA Loan)
- Divorce Decree and copy of child support registry
- Tax Returns for previous two years
- W-2's for previous two years
- Fee for credit report ($21)
Items Needed by Self-Employed Applicants:
Defined as follows:
- There is NO Federal withholding tax deducted from your earnings.
- You are the principle stockholder in a corporation or a partner in a legal partnership, even if you are drawing a salary.
You should bring:
- The past three years personal tax returns.
- Year to date profit and loss statement
- Current balance sheet (financial statement)
- The past three years tax returns for the corporation or partnership
- Corporation year to date profit and loss statement
- Copy of corporation minutes authorizing salary
REMEMBER:
- All tax returns must be signed by the taxpayer
- All balance sheets, profit and loss statements, and other financial documents must be signed and dated by the borrower
- All financial data must be in detail, itemizing the individual liabilities, expenses, and income sources
- When calculating your income to payment ratios:
- Real estate depreciation can be added back to your income
- Equipment depreciation can not be added back to your income
Do you want to build? Here's what you should bring:
Two sets of plans including:
- Floor plan, including measurements:
- Foundation plan
- Elevations
- Cabinet detail
- Cross section footing, foundation, walls and attic
- Truss detail with architect's stamp
- Heat duct layout with register size
- Plot Plan, including:
- Existing elevations on corners of lot
- Show all walks, drives, and dwelling
- Finish floor elevation noted
- Location of well and septic tank
- Full legal description
- All lot dimensions shown
- Specifications:
- On FHA Form 92005 dated 6-79 description of materials
- Model and make of all:
- Appliances
- Electrical equipment
- Plumbing fixtures
- Must be signed by builder or buyer
- Should be well coordinated with the plans
- Manual "J's" (heat loss calculation)
- Department of Health approval on proposed septic and well
- Detailed contract between buyer and builder
- Complete cost breakdown