Applying for A Mortgage

Loan application information

You’ll need to provide the following information when you apply for a mortgage.

Full name, birth date, Social Security number and phone number.
Marital Status, the number and ages of your children.
Two years of residence history: Rent payments or mortgage, insurance and tax records for all of your properties.
Two years of employment history, including company names, addresses, phone numbers and your title(s).
Two years of income history, including any commission, bonus or self-employed income.
Checking, savings, investment and retirement account balances.
Confirmation of bankruptcies or foreclosures within the past seven years, lawsuits you’re party to, or loans you co-signed.
Confirmation if you’re borrowing part of your down payment.

Employment and income

Income from rental properties.
Pay stubs for at least 30 days.
W2 forms for all jobs you worked in the past two years.
Personal federal tax returns for the past two years.
If self-employed or greater than 20 percent owner is a company, business federal tax returns for the past two years and a year-to-date profit and loss statement for the business.
Divorce decree and receipt (or payment) schedule of alimony and/or child support for at least three more years from the time of loan closing.
Signed verification from donor and recipient that gift funds aren’t loan.

Required loan documentation

This is a partial list of documents you can expect a lender to ask for.

Credit and finance

Written and/or verbal authorization for your lender to run your credit report.
Full documentation and letters of explanation for any derogatory information on your credit report.
Discharge papers for any bankruptcies in the past seven years.
Last two months statements for all checking, savings investment and retirement accounts, including a paper trail for large deposits and withdrawals.

Residence

If you’re a renter: 12 months of canceled rent checks or bank statements to show on-time payments.
If you’re keeping and renting out your existing home: a lease agreement and proof you’ve deposited the first month’s rent.
If you’re selling your existing home before closing on the new home: a listing agreement for the existing home and proof that it closed.

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