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Mortgage Checklist

 Items Needed For An Initial Loan Application

The key to a smooth real estate loan transaction is to have a thoroughly completed loan application from the beginning.  Without a thoroughly completed loan application at the start, you will find yourself asked for a lot of additional documents throughout the process – a needless situation and a frustrating one at that.

Please review this list of Items Needed For An Initial Loan Application and provide me with copies of the documents requested (as they pertain to your situation).  If you have any questions, please ask.

Required Items For All Files

  1. Federal Income Tax Returns:  Copy of last two years personal Federal Income Tax Returns (1040, 1040A, 1040EZ) – Federal only, all pages and schedules.
  2. Bank Statements:  Copy of most recent two months’ bank statements (checking and/or savings) – all pages (if it says “1 of XX”, we will need all XX pages).  NOTE:  If there are any large (over $100) deposits on the bank statements where the source is not identified on the bank statement (i.e., direct deposit, account transfer, etc.), you will need to “source” those funds.  “Sourcing” is proving where the funds for the deposit originated from.  Any deposits that cannot be identified or sourced will be removed from your available funds for the transaction. 
  3. Identification:  Copy of Photo Identification card for all borrowers – must be a clear, legible copy of a valid Driver’s License, state-issued Identification Card, US Military Identification Card, Passport, or similar document. 

Income Items Required (As Appropriate For your Circumstances)

  1.  Wage Earner
    • Copy of last two years’ W2s
    •  Copy of last 30 days’ pay stubs 
  2.  Self-Employed
    • Sole-Proprietor
      • Copy of most recent Profit & Loss Statement and Balance Sheet
    • Corporation or Partnership (25% or more owner of a corporation or partnership)
      • Copy of last two years’ Corporate or Partnership Federal tax returns – Federal only, all pages
      • Copy of last two years’ Schedule K-1’s (if an S-Corporation or Partnership)
      • Copy of most recent Profit and Loss Statement and Balance Sheet
  3.  Retirement / Pension Income
    • Copy of retirement/pension “Award Letter.”  This is usually received at the time of retirement and will indicate how long you are to receive the retirement payment.  A letter from the entity making the payments stating how long the retirement payments are to continue will also suffice.
    • Copy of last retirement/pension payment advice.
    • Copy of last 2 years’ 1099-R’s or W2-R’s
  4.  Social Security / Social Security Disability Income
    • Copy of the current year’s Social Security Benefit calculation notice.
    • Copy of the last 2 years’ 1099-S’s (if you have received Social Security for that long).
  5. Annuity Payments
    • Copy of the annuity contract or a letter from the annuity payer stating how long the payments are to continue under the contract.
    • Copy of the last two months’ advices for the distribution of annuity payments
  6. Rental Property Income
    • Copy of the homeowner’s insurance policy Declarations page for each property owned.  The Declarations page is the page indicating your coverages, premium and contact information for your insurance agent.
    • Copy of the current rental lease or rental agreement for each property owned.
    • Copy of the most recent mortgage billing statement for each mortgage on rental properties.
  7. Other Income – If you have income derived from sources other than listed above, please let me know and we will discuss how to document the income source.

 

Refinance Transactions (Additional Items Needed)

 

  1. Mortgage Billing Statement – Copy of the most recent mortgage billing statement for the property being refinanced.
  2. Homeowner’s Insurance – Copy of the current homeowner’s insurance policy Declarations page for the property being refinanced.  The Declarations page is the page indicating your coverages, premium and contact information for your insurance agent.
  3. Mortgage Note(s) – Copy of the current mortgage Note(s) for the property being refinanced.

 FHA Loans

 

  1. Social Security Card – Copy of all borrowers’ Social Security Cards (must be signed).

 

VA Loans

  1. Social Security Card – Copy of all borrowers’ Social Security Cards (must be signed).
  2. DD214 – Copy of Veteran’s form DD214
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209 East I Street, Ontario, CA  91764
Toll Free:  (800) 479-0805
Office:  (909) 608-7311
Fax:  (909) 608-7327
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