What you need to get ready before applying for a mortgage loan – Tenby J. Dahman

In general, the documentation you will need includes:

Property Information (if you already have a contract on a house)

Purchase Agreement.

If you have sold your current home, copy of settlement statement

Income & Assets

Pay stubs for the last 30 days.

For the past two years:

W-2s

Statements for each bank, mutual fund, and/or investment account for the last three months.

If you have made any large deposits to your accounts:

Explanation and source for deposit.

If large deposit was a gift:

	Signed gift letter (lender can supply).
	Copy of gift check.
	Copy of deposit receipt.

If you own more than 25% of a business:

Tax returns for the last two years.

If self-employed:

	Personal and Business Tax returns for the last two years (with schedules).
	Year-to-Date Profit and Loss Statement.

If you own rental property:

Tax returns for the last two years, current rental agreements, and mortgage statements.

If you are retired:

Pension Award Letter.

If you receive Social Security:

Social Security Award Letter.

If you are counting child support as income:

	Copy of separation agreement, parenting plan, and divorce decree.
	Copy of twelve months of cancelled child support checks or bank statements showing receipt.

Debts

Explanation of credit report anomalies, including:

	Late payments, credit inquiries in the last 90 days, charge-offs, collections, judgments and/or liens.
	Bankruptcy filed within last seven years (copy of your bankruptcy papers).

VA Loans

Copy of DD Form 214, Report of Separation.

Miscellaneous

Photo ID/Driver's License

If you are not a citizen, a copy of the front and back of your green card.