Items Needed for Mortgage Application

If you aren’t financially set to purchase a home with cash, you’re in the upper 90% of American homeowners. Most of us use a mortgage company to finance our home purchase. Although there are several different ways to finance a home -- from down-payment assistance to no-doc loans -- most lenders will gather documents to form a financial history on you for the purposes of granting a loan using your home as collateral. A typical list of items needed for a mortgage application follows:

_____Year-to-date pay stubs(s) – last 3 mos
_____W-2’s/ 1099’s - last 2 yrs
_____Signed federal tax returns - last 2 yrs
_____Bank statements for each account - last 2 mos
_____Copies of all asset & liability accounts
_____Complete address for all employer(s) - last 2 yrs
_____Picture ID
_____Proof of Social Security number
_____Title of car if owned outright
_____Note(s) held for income received
_____Signed corporation/partnership tax returns - last 2 yrs
_____Copies of checks to verify income

If you are self-employed, the lender will probably need a current year-to-date Profit & Loss Statement. For those who have little or no credit history, some financial institutions may establish Alternative Credit by using payment histories for payments made to land-line or cell telephones, utilities, rent, furniture rental, etc.

If you have questions about moving, building, selecting your first home or moving up to your next home, contact DAVID BRENTON’S TEAM.

When you are serious about moving… put our TEAM to work for you!