Documents Needed for a Mortgage

What documents are needed for a mortgage loan approval?

Years ago there was actually a no documents loan process for certain types of loans. Those are not applicable in today’s world of mortgage lending. Today we’re providing you with a list of documents that are needed for final loan approval. Some documents are required whether the loan is for a purchase or a refinance; others are pertinent to a specific type of loan.

Documents needed for either a purchase or refinance are as follows:

1. Most recent pay stubs, showing a 30-day period
2. Past two years W-2 forms and/or 1099’s (if self-employed)
3. Signed Federal Personal Tax Returns for past two years
4. Signed Federal Business Tax returns if applicable
5. Asset statements for a 2 month period, or most recent quarterly statement. This should include any and all of the following and must include ALL pages.
   • Checking
   • Savings
   • Stocks
   • Bonds
   • Mutual funds
   • Money Market
   • 401 K’s
   • IRA’s
6. If the property is or will be held in a Trust, provide Trust documentation
7. For Investment properties:
   • Lease agreement for rental properties
   • Mortgage statement
   • Property tax bill
   • Homeowner’s Insurance Policy
   • HOA or Condo fees, if applicable
8. Hazard Insurance (homeowner’s insurance) Policy
9. Complete Divorce/Separation Agreement /Property Settlement agreements, if applicable
10. School Transcripts and Diploma if you are a recent graduate
11. Contact name and phone number for Verification of Employment

For VA loans, the following is required:

1. VA Certificate of Eligibility
2. Original statement of service or DD-214

For Purchases only, we need the following:

1. Ratified Sales contract
2. Copy of Earnest Money Deposit AND bank statement showing the check has cleared your account
3. Name, address and phone number of landlords for past 2 years if currently renting
4. Sales Contract for existing home if selling and vacating to purchase new home
5. Settlement Statement from the sale of current residence if vacating to purchase new home

For Refinances only

1. Copy of most recent mortgage statement
2. Copy of Owner’s Title Policy or settlement statement indicating that you have owner’s title insurance
3. Copy of existing Homeowner’s Insurance Policy

Whether you’re purchasing or refinancing a property, you can download a copy of this List of Documents to help aid in your search for a loan. This list will be helpful to both you and your Lender as you work through the processing of your loan.