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Let's start off "easy"
What you REALLY need for a home loan

Mortgage Loan Items Needed

So for the first post of the site i thought I would give you something "easy" but still extremely beneficial! Below is a list of mortgage items needed that would be required for a loan. This list is just the "essentials" and of course additional items may apply, but it is great starting ground! Many people get overwhelmed by the initial list I send out but it's really not *that* bad once you dive in. Now, if the last loan you received was in 2006 and you gave NOTHING to the lender, please know that times have changed and we are now in an over-corrected market. Guilty until proven innocent! :) Enjoy!!
 
  • Income
    • Most recent pay stubs covering a 30 day period
    • W-2’s for the last two years
    • Federal tax returns (all schedules and worksheets) for the last two years
    • Corporate or Partnership tax returns (if you own more than 25% of the business)
    • Pension Award letter (retired)
    • Social Security Award letters
    • Receipt of child support
      • Copy of Divorce Settlement
      • Printout from Attorney General showing receipt of payments for 6 months
  • Assets
    • Bank statements for previous two months -all accounts. All pages and cannot be online printouts unless full name and account number are included
    • Statements covering two months on all stocks, mutual funds, bonds, etc
    • Most recent retirement statement
    • Explanations for any large deposits and source/documentation to support the explanation (The lender is looking for fraudulent activity such as the seller giving concessions to a buyer for buying the house or a new loan taken out by the borrower but the loan payment not being counted against the borrower)
    • Note: Most people no longer get paper statements in the mail. Your bank will offer the statements they would have mailed online. The online statements are acceptable as long as your name and account number are included.
    • Copy of HUD-1 Settlement Statement or Closing Disclosure on recent sale of any real estate
    • Gifts:
      • Verification of donor's ability to make the gift (donor’s bank statement- again looking for fraud)
      • Copy actual gift check received
      • Copy of the bank generated deposit slip showing you have deposited the gift funds
  • Credit Items
    • Explanations for any of the following items which may appear on your credit report:
      • Credit inquiries in the last 90 days (The lender needs to make sure you have not opened new debt recently that may not be reporting on the credit report yet)
    • Copy of monthly mortgage statement for other properties owned along with copy of annual property tax and insurance bills if taxes and insurance are NOT included in your monthly payment
    • Copy of Deeds to document any other property is owned free and clear
    • Copy of Driver's license
  • Refinances
    • Copy of your property survey (we have to make sure you did not build your house on your neighbor's property in order to get title insurance) 
    • The following could also be requested:
      • Copy of Note on existing second lien if not refinancing or paying off with the new loan
      • Copy of HUD-1 Settlement Statement from purchase of subject property (to prove the current second lien was a “purchase money” loan used to acquire the loan and NOT a home equity loan)
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