Mortgage Checklist

Helpful Mortgage Checklist

Here is a checklist to help your clients. Check on the necessary items for their loan and then screen shot the Required Up-front Documents section.

Required Up-front Documents

Income

For Real Estate Owned

Assets

Credit

Additional Items

Mortgage Checklist to Assist You

The following information are items that may be required during the loan process:

Income

Most recent 30 days of paystubs borrower

Most recent 30 days of paystubs co-borrower

2021 final paystub of the year

2020 final paystub of the year

2020 & 2021 W-2

2020 & 2021 1099s

2020 & 2021; Federal Tax Returns – ALL pages and schedules; 2019 if 2021 isn’t available

2020 & 2021; Business Tax Returns – ALL pages and schedules; 2019 if 2021 isn’t available

2020 & 2021; Sched K-1

Year to Date Profit & Loss - 2022

Year to Date Profit & Loss - 2021; if taxes are completed for 2021; proof of extension filed

Social Security Award Statement

VA disability Award Letter

Pension Award Letter

Work History Explanation Letter

Working Remotely Letter of Explanation from Employer

Departure Residence Ratified Lease

Departure Residence Evidence of Security Deposit

Child Support &/or Alimony – Separation Agreement

Evidence of Receipt of Child Support &/or Alimony – 6 months evidence CONV – 3 months evidence FHA

Evidence of Receipt of Child Support &/or Alimony – 12 months evidence, if no agreement

Evidence of regular withdrawal from Retirement Account

For All Real Estate Owned

Current Mortgage Statement

Current Annual Property Tax Bill; if not escrowed

Current Annual Home Owners Insurance Premium; if not escrowed

Current Home Owners Association dues (if any proof of annual or monthly amount)

Copy of Current & Ratified Leases & Security deposit/ monthly payment

Assets

Last 2 months bank STATEMENTS, Checking & Savings – ALL pages (even if there are blank pages)

Investment & Retirement Statements; Last two months Or last quarterly statement – All pages

401K or Retirement Account Terms & Conditions of Withdrawal

Gift Letter Provided Completed by donor

Gift Donor Bank Statement for Evidence of Availability

Proceeds from sale of home - Closing statement

Proceeds from sale of other property: Bill of Sale 3rd Party Estimate of Value Evidence of Ownership

Letter from CPA for acceptable to use business assets for down payment

Credit

Credit Explanation letter

Student loan IBR plan

OMIT liability – proof of payment for 12 months

Payoff for current mortgage – refi

Proof of balance on credit card to $0 – evidence of funds for payment

Additional Items

Photo IDs

Social Security Card

DD214

Landlord/Property Management Contact Information

Work HR number for Employment Verification

Copy of Earnest Money Check

Evidence of Earnest Money Check leaving your account – transaction history or complete statement

Contact for Closing attorney

Contact for Home Owners Insurance Agent

Contact for HOA – if attached townhome or condo