Documents needed for mortgage

Different types of mortgage loans (Conventional, FHA, VA, USDA, Foreign National, ITIN, and Non-Conforming) may have specific requirements. While the documents listed below cover general needs, additional documentation may be required depending on the type of loan you’re applying for. Here’s a comprehensive guide to help you gather the necessary documents for a mortgage quote and beyond.

Income Documentation (Applicable to most loans, except 12 or 24-month bank statement loans and Foreign Nationals)

• Past 2 Years of W-2s: Provide W-2 forms for the last two years. End-of-year paycheck stubs may be considered in lieu of W-2s if applicable.
• Explanations of Large Deposits: Any deposit that is 50% or more of your monthly income must be explained.
• Recent Paycheck Stubs: Submit the most recent full month of paycheck stubs.
• Bank and Securities Statements: Provide the last two months of bank statements and/or securities statements. If using assets as income, submit the past 12 months of statements.
• Additional Sources of Income: Include documentation for other sources of income, such as annuities, pensions, dividends, and interest, especially if these are expected to continue for at least three years.
• Rental Income Documentation: If applicable, provide a copy of the lease (all pages). Note that an appraisal of the rental property may be required for FHA loans if rental income was not reported on the previous year’s tax return.
• Business Ownership: If you own 25% or more of a business, provide the last two years of full tax returns (all pages) along with three months of business bank statements. Also include a signed and dated year-to-date profit and loss statement and a current balance sheet. If self-employed and issuing W-2s to yourself, provide two years of W-2s and both personal and business tax returns.

• Credit Report: A comprehensive report including all liabilities.
• Tradelines: Documentation of two years of reportable tradelines.
• Recent Paycheck Stubs: The most recent full month of paycheck stubs.
• Identification: A copy of your ID, passport, green card, work permit, or other applicable documents.
• 1003 Application: Complete the standard 1003 application form, which includes your phone number, email address, and a two-year history of your residences.
• Insurance Documents: Provide a copy of your homeowner’s insurance policy, flood insurance, or declaration page. If purchasing, include an insurance quote on the purchase contract.
• Gift Letter: If receiving a gift for the home purchase, provide a gift letter. Note that FHA loans may have restrictions, such as only accepting gifts from direct family members.

Feel free to review our list and let us know if it meets your needs or if there are any additional details you’d like to include.

Depending on the specifics of your mortgage application, you may need to provide additional documents. Here’s a list of potential documents that could be required, depending on your loan type and situation:

General Additional Documents

• Purchase Contract: Required if you are purchasing a property.
• Escrow Letter: Proof of down payment, including the bank statement from which the funds originated (for purchases).
• Homeowners Association Coupon Slip: Needed for refinances if applicable.
• Estoppel Certificate: For properties with a homeowners association (HOA) when purchasing.
• Master Homeowners and Flood Policy: Required if the property is in an HOA.
• Divorce Decree: Needed if applicable, particularly if it impacts income or property ownership.
• Proof of Free-and-Clear Properties: Provide a homeowners insurance declaration page for properties that are fully paid off (if applicable).
• Grant Information: Include details of any grants you may have received.
• FHA Addendum: Required for FHA purchases.

• Certificate of Eligibility: Essential for VA loan applications.

• Letter of Good Standing: Required for Foreign Nationals to prove they are in good standing with their home country’s financial regulations.

• Applicable Documents: Include any relevant documents from the general and specific lists provided above.

For those refinancing a property or seeking a pre-approval, starting with alliedinsgroup.net can streamline the process. We offer the initial steps toward securing your pre-approval and guide you through the necessary documentation.

Feel free to review this additional document list and let us know if there are any further details you need or if any adjustments are required.