Items Needed When Applying for a Mortgage
This is a summary of the items that a prospective home buyer will need to provide to a lending
institution when applying for a mortgage.
PROOF OF INCOME
One month's current original pay stubs
showing year-to-date income.
A copy of your W-2 forms for the past two
years and a copy of your completed and
signed personal tax returns (IRS Form 1040)
for the past two years, including all schedules.
If you are self-employed
A copy of your past three years completed
and signed personal tax returns (IRS Form
1040), including all schedules.
A copy of the past three years completed and
signed corporate and/or partnership tax
returns, including all schedules.
A copy of your most recent year-to-date Profit &
Loss Statement and Balance Sheet prepared by
an accountant.
A copy of your completed and signed IRS
Form 8821 and/or W-9.
Social Security
Original award letter from the Social Security
Administration and a copy of your most recent
Social Security check, or
12 months of original bank statements showing
regular deposits of the same amount.
Pension Income
Original pension letter, copies of pension checks
and your most recent personal tax returns,
including all schedules, or a W-2 Form.
Interest/Dividends
Last two years of personal tax returns, including
all schedules.
Rental Income
For purchases, two brokers' letters stating
the proposed rental income.
For refinances, a copy of executed leases
for existing property.
Part-time/Seasonal Income/Other Income
A copy of your completed and signed personal tax
returns for the most recent two years, with original
signatures, including all schedules.
Income from alimony, child support or separate
maintenance need not be revealed if you do not
want it considered as a basis for repaying the
loan.
o If you want such income to be considered,
you must submit an executed Separation
Agreement/Divorce Decree/Award Letter or
other documents which can substantiate
receipt of the income stated.
Documentation must also be provided to verify any
other income that you would like considered.
PROPERTY INFORMATION
A fully executed purchase contract, signed by both
parties.
If the property is a co-op, submit:
Completed Co-operative Building Information
Form and Board Supplement.
Offering Plan and all Amendments including
sponsor financial obligation disclosures, and
two years of current co-op financials (you can
obtain these documents from the sponsor).
Fully executed contract of sale or subscription
agreement.
Note: Documents required for co-ops may vary
depending on pre-sale amount. Please consult with your
mortgage specialist for specific documents.
For refinances you must also submit:
Copy of recorded deed.
Most recent year-end balance statement.
Copy of Proprietary Lease and Stock
Certificate (co-op only).
