Information Required by your Mortgage Lender
Below is a brief description of situations which require certain documents for your mortgage application. This may not be a complete list. Please have your Branam's agent check for you or call your lender.
*Salaried Employees: Copy of W2 form for past 2 years and most recent pay stub showing year-to-date income. *Commissioned Employees: Complete signed and dated federal income tax returns for past 2 years. Year-to-date commission voucher. *Self-employed: Complete signed & dated federal income tax returns and W2 forms for the past 2 years. Accountant prepared & signed Profit & Loss statement and balance sheet for year-to-date., Schedule C if Sole Proprietor, Schedule K-1 if Partnership, Corporation Tax returns if Corporation.*Earned Overtime and Bonus: Complete signed and dated federal income tax returns if this income is more than 25% of total income. *Second Job: Copy of W2 forms for past 2 years and most recent pay stub. *Divorce, alimony or child support: Copy of interim or final decree. Copies of canceled checks or bank statements for past 12 months, or proof through the court that payments are current. *Trust Deed Income: Company of signed and dated federal tax returns for past 2 years. *Interest Income: Company signed and dated federal tax returns for past 2 years. Bank statement of Verification of deposit to confirm funds to generate income. *Social Security, Disability Compensation: Copy of award letter, most recent check stub or automatic bank deposit & aid to dependent children statement. *Rental Income: Copy of all lease or rental agreements. Copy of signed and dated federal tax returns for past 2 years. *Property Purchased on Escrow Contract: Copy of original Escrow agreement and purchase contract. *Bank Depositories: Names, address & account number for banks where deposits are held.
Liabilities:
Names, addresses and account numbers for
all companies with whom you presently have a balance. Include approximate
balance and monthly payment. Also include account numbers for credit cards, etc.
even if you do not have an outstanding balance.
For FHA/VA Loans: Most recent pay stub and bank statement at loan application
and again at closing. Original sales contract, picture identification , Drivers
License, Employee Badge, Proof of Social Security, Income tax returns, and green
sheet if applicable. For more details, call Branam's ~ (785) 364-2606 or (800)
795-5537!
Other documents that may be needed:
Name and address of landlords for past 7 years
Statements verifying cash value of life insurance, mutual funds or stocks
Contract on sale of current home
Company buyout or relocation agreement
HUD-1 settlement statement for the closing of your present home
Gift Affidavit (if applicable) with verification of the giver’s funds
Green card or visa verification for resident or non-resident alien citizens
College diploma, if recently graduated
Bankruptcy discharge papers
Photo copy of both sides of your cancelled earnest money deposit check
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