Document Checklist For Mortgage

Home Document Checklist For Mortgage
Document Checklist For Mortgage in USA

Documents Needed for a Mortgage Application

Here at Fairway Independent Mortgage Corporation, we strive to make the home financing process as simple as possible by providing you with the right resources. Please use the following document checklist to ensure that you have everything you need to complete your loan application. As always, consult with your loan officer if you have any questions!

Income

  • Two recent pay stubs
  • W2 from past two years
  • Recent, complete Federal Tax Returns
  • See page below for self-employed borrowers

If receiving alimony and/or child support

  • Separation agreement
  • Evidence that income has been received for 6 months, cancelled checks or bank statements showing consistent deposit stream

Assets

  • Two months’ bank statements (all pages)
  • Two months’ investment or money market statements (all pages, even if some are blank)
  • Two months’ retirement statements (all pages — may be required for reserves)
  • Name and address of donor (if receiving gift — may require gift letter)
  • If borrowing from 401K, documentation to verify payment

Property

  • If a condominium, property may require master deed, condo questionnaire, budget, bylaws; may require an engineer’s report if converted within the past three years
  • Contact details for condominium management company (or a trustee, if self-managed)
  • Contact details for condominium insurance agency
  • H06 insurance is required for all condominiums that do not have “Walls In – All In” (most associations do not have it as part of their master insurance) — borrower will have to obtain at least two weeks prior to closing
  • If not a condominium, insurance binder required one week prior to closing

Other

  • Fully executed purchase and sale agreement (when available)
  • Application fee (you will be contacted for this once you have received and reviewed your application paperwork)
  • Driver’s license (for all borrowers)
  • If you own a second home or rental property, your loan officer will review and request documentation as needed
  • Recent American Express statement

Documentation Checklist (Self-Employed Borrowers)

Sole Proprietorship

If the borrower received income from a sole proprietorship, the following documentation is required (as applicable):

  • US Federal 1040 from the past two years with all applicable schedules attached
  • Schedule C (Profit & Loss from Business)
  • Schedule D (Capital Gains & Losses)
  • Schedule F (Profit & Loss from Farming)
  • Year-to-date Profit & Loss statement

Partnership (General, Limited or LLC)

If the borrower is a partner in a general or limited partnership, or is a limited liability company member, the following documentation is required (as applicable):

  • US Federal 1040 from the past two years with all applicable schedules attached
  • Schedule E, Part II (Income or Loss from Partnerships)
  • Schedule K-I 1065 (Partner’s Share of Income, Credits, Deductions, etc.)
  • Form 1065 (US Partnership Return of Income) with all applicable schedules attached
    • Year-to-date Profit & Loss statement
  • Partnership agreement (may be required)

S Corporation

If the borrower received income from an S Corporation, the following documentation is required (as applicable):

  • US Federal 1040 from the past two years with all applicable schedules attached
    •   Schedule E, Part II (Income or Loss from S Corporations)
    •   Schedule K-I 1120S (Shareholder’s Share of Income, Credits, Deductions, etc.)
    •   Form 1120S (US Income Tax Return for an S Corporation) with all applicable schedules attached
    •   Year-to-date Profit & Loss statement

Corporation

If the borrower received income from a corporation, the following documentation is required (as applicable):

  • US Federal 1040 with all applicable schedules attached
    •   Form 1120S (US Corporate Income Tax Return) with all applicable schedules attached
    •   Year-to-date Profit & Loss statement