What you need to get ready before applying for a mortgage loan

Loan Application Checklist

In general, the documentation you will need includes:

Property Information (if you are purchasing a home)

Purchase and Sale Agreement for new property.

If you are selling your current home, copy of purchase and sale contract for current home.

If you have sold your current home, copy of settlement statement (HUD-1).

Income & Assets

Pay stubs for the last 30 days.

For the past two years:

	Names and addresses of each employer.
	W-2s
	If income is commission based (25% or more of income is commissions), personal tax returns

Statements for asset accounts for the last two months (include checking/savings, retirement, stocks/bonds, 401K, IRA, investments, etc.).

If you have made any large deposits to your accounts:

Explanation and source for deposit.

If large deposit was a gift:

	Signed gift letter (lender can supply).
	Copy of gift check.
	Copy of deposit receipt.

If you own more than 25% of a business:

Corporate or partnership tax returns.

If self-employed:

	Personal & business tax returns for the last two years (with all schedules).
	Year-to-Date Profit and Loss Statement prepared by an accountant.
	Copy of business license for last two years

If you own rental property:

Tax returns for the last two years and current rental agreements.

If you receive retirement income:

Pension Award Letter.

If you receive Social Security:

Social Security Award Letter.

If you are counting child support as income:

	Copy of divorce decree/child support order.
	Copy of six months of cancelled child support checks or bank statements to document receipt.

Debts

Names, account numbers, balances and monthly payments on all current loans and credit cards.

Explanation of credit report anomalies, including:

	Late payments, credit inquiries in the last 90 days, charge-offs, collections, judgments and/or liens.
	Bankruptcy filed within last seven years (bring a copy of your bankruptcy papers).

VA Loans

Copy of DD Form 214, Report of Separation.

Miscellaneous

Photo ID and proof of Social Security number.

Residence addresses for the past two years.

If applicable, a copy of your divorce decree.

If you are not a citizen, a copy of the front and back of your green card.

CALL 425 344-9512 With any questions.

Metropolitan Mortgage Group.

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