Application Documents Needed

[Anonymous]

My wife and I are planning to apply for our first mortgage in early April and I would like to start organizing the documents we may need. Any tips on what information I should start gathering. Just trying to get a head start on things.

[frugalQ]

2014 W2 or 1099.  Tax returns for at least the last two years...probably to include 2014 as the deadline is 4/15, last 2 months bank statements,  401k statements.

i think that's pretty much it to start.

[Anonymous]

The check list I started with, and I forget where I copy/pasted it from is:

Identity and income verification
__ Full legal name, Social Security number, and birthdate

__ Phone number, email address, and current and former residential mailing addresses over the last two years

__ Primary and secondary income amounts and sources

__ Government-issued photo ID and Social Security card

__ Name, addresses, and phone numbers of all employers over the last two years

__ Values of bank, retirement, investment, and other asset accounts

__ Monthly debt obligations

__ Address of property being purchased, year built, estimated down-payment amount, and purchase price

__ Estimates of annual property taxes, homeowners insurance, and any homeowner association dues

Income verification — self-employed
__ Federal tax returns (personal and business) for the past three years

__ Profit and loss statement — year-to-date

__ List of all business debts

Income/tax documents
__ IRS Form 4506-T — Request for tax transcript, completed, signed and dated

__ Pay stubs covering the last 30 days

__ W-2s for the past two years

__ Federal tax returns (1040s) for the past two years

__ Asset/bank statements — Most recent two months’ statements for all accounts listed on the application (include all pages of the statement, including ones that are blank)

__ Written explanation if employed less than two years or employment gap exists within the last two years Credit verification
__ Credit explanation letter for late payments, collections, judgments, or other derogatory items in credit history

__ Source of funds documentation for any large deposits on asset or bank statements

__ Judicial decree or court order for each obligation due to legal action

__ Bankruptcy/discharge papers for any bankruptcies in credit history

__ Payment history for public utilities, phone, cable TV, car insurance, and other expenses

Other

__ Homeowners insurance information, including agent’s name and phone number

__ Purchase contract signed by all parties

[mynameainttracy]

All the above + 12 months worth of canceled rent checks if you are a renter. 

I started a binder. Until we close and this is all done I keep copies of everything. If it can be scanned and pdf'd I have it on my computer ready to be submitted as soon as I get the request. 

Everything I learned on these forums has helped me have the smoothest most stress free mortgage process I could have ever imagined. 

[Anonymous]

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@mynameainttracy wrote:

All the above + 12 months worth of canceled rent checks if you are a renter. 

I started a binder. Until we close and this is all done I keep copies of everything. If it can be scanned and pdf'd I have it on my computer ready to be submitted as soon as I get the request. 

Everything I learned on these forums has helped me have the smoothest most stress free mortgage process I could have ever imagined. 

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A person after my own heart. 

[mynameainttracy]

After we close in April I will transition the binder to have less of the application stuff and instead hold owner's manuals and warranty stuff.

I think because of my prep I have stayed 1 step ahead of our loan document specialist throughout the process.

[Anonymous]

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@frugalQ wrote:

2014 W2 or 1099.  Tax returns for at least the last two years...probably to include 2014 as the deadline is 4/15, last 2 months bank statements,  401k statements.

i think that's pretty much it to start.

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Hello,

What if statements don't print at the beggining of each month?  For example, my statements may go from the 9th of one month to the 9th of the next month.  So, if I apply for a mortgage April 14th, would my February statement be ok even though the dates on it are February 9th to March 9th; or would I have to go back to my previous statement (which includes part of January) and get the reminaing days (1 - 8) for Febraury?  Thanks.

[mynameainttracy]

My statements go from mid month to mid month. You can count on giving at least the 2 most recent, no matter what the dates are.

[Anonymous]

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@mynameainttracy wrote:
My statements go from mid month to mid month. You can count on giving at least the 2 most recent, no matter what the dates are.

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Thanks!