Underwriters are following more stringent terms than ever, and so lenders will require many documents from you in order to evaluate your mortgage qualification. But lenders also want your business, so while collecting the following may be tedious, help your mortgage company expedite your approval by staying organized:
Copy of fully signed sales contract including all riders.
Copy of MLS listing sheet with legal description (if available).
Names, addresses and telephone numbers of all contractors, realtors, insurance agents and attorneys.
Verification of the deposit on home (front and back copy of earnest money check).
If the property is a condominium provide condo declaration, by-laws and most recent budget.
Paystubs for the last 30 days of employment.
Copies of all your W2 forms for past 2 years of employment.
Names and addresses of all employers for the last two years of employment.
Letter of explanation for any gaps in employment in the past 2 years exceeding 60 days.
For foreign nationals, work visa or green card (front and back copy).
Self-employed or receiving bonuses, commission, dividends or rental income:
If you will use funds from child support or alimony to qualify:
If you receieve social security, disability or VA benefits:
If you're selling your existing home, provide a copy of the signed sales contract on your current residence and statement if unsold.
Checking, savings or money market funds - provide bank statements for the last 2 months.
Document large deposits and/or bank transfers that are not related to payroll income.
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.
Prepare a list of all names, addresses, account numbers, balances, and monthly payments for any debt not on your credit report (usually brand new). All other debts will be pulled from your credit report.
Include all names, addresses, balances, monthly payments, and account numbers for mortgageholders and/or landlords (if you rented) for the last 2 years.
If you are paying alimony or child support, include marital settlement or court order stating obligatory terms.
Bring a check to cover application fees and appraisal costs.