Typical Documentation Needed To Process A Loan

THE FOLLOWING IS OFFERED AS A GUIDE TO THE TYPES OF DOCUMENTATION THAT are REQUIRED TO PROCESS A  LOAN.  Several loan programs offer alternatives to some of the items listed.  MORE SPECIFIC DETAILS AS THEY APPLY TO YOUR SITUATION OR loan program can be obtained from A FIRST MORTGAGE OFFICE LOCATION NEAR YOU.  Your First Mortgage Loan officer will make every effort to keep their requests to a minimum.

If you are coming in for a Pre-Qualification interview please don't worry if some of the documents are not immediately available.  If you can provide a list of total debt and income your loan officer can get started without the formal documentation listed here.

Income

1. Employers' names and addresses for the last two consecutive years (including dates of employment and gross monthly income)

2. W-2s for the last two years and pay stub(s) for the last 30 days

3. If self-employed, the following financial statements:

   1. Year-to-date profit and loss statement and balance sheet prepared and signed by an accountant and you

   2. Signed tax returns for the last two reporting years (business and personal). (Make sure signatures are original, not photocopies, and include all schedules)

4. Supporting documentation for any other income (i.e., Social Security, pension, dividends, or alimony)

Assets                                                         Back To Top of Page

5. Gift letter (if applicable)

6. Last three months' bank statements and/or passbooks for the following (include current names, addresses, account numbers, and balances):

   1. Checking and savings accounts

   2. Credit unions

   3. Security accounts (stocks, bonds, life insurance, IRAs, 401(k)s, etc.)

Liabilities                                                     Back To Top of Page

7. Current names, addresses, account number, and balances for:

   

   1. Present creditors (car loans, charge accounts, student loans, etc.). Include most recent statement or payment booklets

   2. Present mortgage lender (last 12 months' cancelled mortgage checks and most recent statement)

   3. Present landlord (last 12 months' cancelled rent checks)

8. Documents related to the following (with letter explaining circumstances):

   1. Judgments. Provide copy of release/satisfaction

   2. Bankruptcy. Provide copies of:

      1. Petition for Bankruptcy (debtors petition)

      2. Schedule of Bankruptcy (list of creditors)

      3. Discharge of Bankruptcy

   3. Other delinquent credits of record

Property                                                        Back To Top of Page

9. Fully executed contract of sale for subject property
   (purchase only)

10. Fully executed contract of sale of present home (if being sold)

11. Schedule of real estate owned, name of lender, account number, original purchase price, principal balance, monthly payment, copies of rental agreement (leases only), type of property, etc., signed tax returns for the past two reporting years. (Make sure signatures are original, not photocopies, and include all schedules)

Other                                                               Back To Top of Page

12. Addresses of residences for the last two years

13. If you were a full-time student at any time in the past two years, a copy of your diploma or transcripts

14. Social Security Number

15. Check for the application fee (if required)

16. Copy of Divorce Decree (if applicable)

17. If you are a resident alien, evidence of permanent residency issued by INS (a.k.a. green card)

18. Legal Description*

19. Copy of listing sheet or property information sheet* (if multiple listing)

20. Names, addresses and phone numbers of all parties involved in this transaction, including attorneys and/or closing agent and real estate agents*

21. Copy of recorded deed (refinance only)

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