Rob Suling, Vice President at Presidential Mortgage in Fairfax, has a helpful list of information needed for a loan application on the back of his business card. Here’s the list of documents he suggests you gather prior to applying for your mortgage:
- Address and employment history for the last two years.
- W-2 for the last two years and current monthly paystubs.
- Full tax returns if self-employed or received commissions and/ or bonuses in excess of 25% of local income (contact your loan officer to find out what that is).
- Contract of sale & legal description for the property.
- Open loans: addresses, account #s, balance and monthly payments.
- Bank statments (all pages) for all accounts for the last two months including checking, savings, investment and 401k accounts.
- Real estate owned, loan #, addresses, balance and monthly payments.
- Divorce decree if paying and/ or receiving alimony or child support.
- Bankruptcy and discharge papers.
- VA loans only: DD214 and Certificate of Eligibility.
- Check for appraisal and credit report (contact loan officer for details.)
I have actually had to provide a year of bank statements once in the past, so be prepared for that possibility!
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