Here is a basic checklist of what you’ll need to apply and get approved for a mortgage.
- Completed loan application Fannie Mae Form 1003
- Letters of explanation (LOE) for past credit issues, gaps in employment, living with parents (no recent rental history). It’s in your best interest bring attention to any past issues up front so your loan originator can get any special circumstances approved from the start.
- Proof of income
- Salaried or hourly employed borrowers will need; Last two pay-stubs (covering 30 days ), last two years W-2 forms.
- Self Employed or commission: Last two years tax returns and Current year to date Profit & Loss Statement.
- Retired applicants will need; Awards letters for social security and pensions and most recent two bank statements confirming deposits.
- Proof of liquid assets; Most recent two months bank statements and retirement account statements.
—————-above this line is usually all you’ll need to get pre-approved——————-
Your broker or lender will likely ask for additional items once your pre-approval has been completed
- If you are purchasing a home and you have a low credit score you may need to provide your last 12 cancelled checks for your rent payments.
- School transcripts if you have recently graduated from college or vocational school and are newly employed in your field of study (less than 24 months employment history).
- If you are refinancing an existing mortgage provide your home insurance declarations page, owners title insurance policy, and mortgage statement with balance and contact info for your present lender.
- Specialty home loan checklists may require more or in some case less documentation
- If you are applying for a private hard money mortgage loan on a free and clear property you’ll be asked to provide reduced documentation with property address, proof of insurance, owners title policy of title insurance.
- When purchasing with private money you’ll need proof of down payment funds.
- Borrowers that have had a past bankruptcy, foreclosure or short sale will need to provide dates of the past events and some additional paperwork like discharge papers or certificate of title or HUD closing statements.
- Borrowers currently in a CH 13 Bankruptcy will need to provide your payment history showing no late payments in the plan and a letter from the trustee allowing the mortgage loan purchase or borrow on exempt property or to buy out the bankruptcy.
- Some lenders will allow self employed borrowers to provide 24 months bank statements in lieu of tax returns to qualify.
Here are some of our printable checklists and forms