Mortgage Check List
Income Verification
- Pay stubs covering the most recent 30 days.
- W-2 forms for the last two years.
- Tax returns for the last two years.
- Child support or alimony (a friend of the court printout or 12 months of canceled checks).*
- Awards letter for Social Security and 1099 forms for disability income.
- Documentation for income derived from rental property, commission, interest, or sources other than salary (tax returns are typically required in these instances).
Sources of Funds and Down Payment
- Bank statements for the last three months, including savings, checking, and investment accounts.
- Stock and securities account statements for the last three months.
- HUD settlement statement if utilizing funds from the sale of a property.
- Proof of ownership, sale, and funds transfer for the sale of any assets.
- Gift fund documentation, including a gift letter, evidence of transfer, and evidence of withdrawal when necessary.
Self-Employed Applicants
- Signed and completed tax returns for the past two years, including personal, partnership, and corporate filings (including all schedules).
- Year to date business profit and loss statement for the current year if more than three months have passed since the end of the tax year.
- Current business balance sheet.
- Copies of business licenses for the last two years.
Payment History
- Canceled rent or mortgage payment checks for the past 12 months, if that data is not available on the credit report.
- A copy of the land contract, if applicable.
- Documentation of child support or alimony payments.
- Proof of bankruptcy or consumer credit counseling, if applicable.
Additional Information
- Divorce decree.
- Written explanation regarding any discrepancies in the credit report. *Alimony, child support, or separate maintenance income does not need to be included if it is not to be considered as income available to repay the loan. Child support or alimony income may be utilized if received for the past 12 months and if it will continue for at least three years into the loan period.
