When you apply for a mortgage, we must access your credit report to know how credit worthy (or risky) you are as a borrower. Borrowers with high credit score are more likely to qualify for a larger loan, better loan options, and/or a more favorable interest rate . We’ll need your Social Security number and date of birth.

• Copy of signed sales contract including all parties
• Verification of the deposit you placed on the home
• Names, addresses and telephone numbers of all realtors, builders, insurance agents and attorneys involved
• Copy of Listing Sheet and legal description if available. You may also need to provide condominium declaration, by-laws and most recent budget, ….if the property is a condominium.

To make sure that you are able to make your mortgage payments, we need to see proof that you have a source of income. Following documents are usually required:

• Copies of your pay-stubs for the most recent 30-day period and year-to-date
• Copies of your W-2 forms for the past two years – Your W-2 forms will help your lender verify that you are employed and will show your income …history.
• Names and addresses of all employers for the last two years
• Letter explaining any gaps in employment in the past 2 years
• Work visa or green card (copy front & back)

If self-employed or receive commission or bonus, interest/dividends, or rental income:

• Provide complete tax returns for the last two years PLUS year-to-date Profit and Loss statement, * If you have filed an extension, please supply a …copy of the extension.
• K-1’s for all partnerships and S-Corporations for the last two years
• Completed and signed Federal Partnership (1065) and/or Corporate Income Tax Returns (1120) including all schedules, statements and addenda …for the last two years. (Required only if your ownership position is 25% or greater.)

• Provide divorce decree/court order stating amount, as well as, proof of receipt of funds for last year

To qualify for a mortgage, you need to be able to show that you have some money for the closing costs. Acceptable sources of funds may come from:

• Sale of your existing home – provide a copy of the signed sales contract on your current residence and statement or listing agreement if unsold
• Savings, checking or money market funds – provide copies of bank statements for the last 3 months
• Stocks and bonds – provide copies of your statement from your broker or copies of certificates
• Gifts – provide Gift Affidavit and proof of receipt of funds
• Based on information appearing on your application and/or your credit report, you may be required to submit additional documentation.

The earnest money deposit is a deposit made by a buyer towards the down payment in evidence of good faith when the purchase agreement is signed. You may be asked to provide a copy of the earnest money deposit.

Homeowner’s insurance is used to verify that you’ll have sufficient coverage on the property when getting a mortgage. It covers any damages that may affect the home’s value.

• Details of all current debts with copies of the last three monthly statements
• Details of mortgage holders and/or landlords for the last two years
• If you are paying alimony or child support, include marital settlement/court order stating the terms of the obligation