Mortgage Application Checklist

If you are working on a mortgage application checklist, the great news is you are buying a home or refinancing your existing home. Colorado Mortgage Guy is here to make this process as simple and easy as possible.  The key to a successful closing is making sure that we review documents ahead of time.  We both have the same goals.  The easier the process is for you and me the happier we both are.

We will discuss in detail the mortgage application documents that are needed. There are some cases where some of these documents are not needed.

W-2 borrower no bankruptcy or divorce

1. Consecutive pay stubs covering a 30-day time-period.
2. All W-2s from the last two years.
3. Federal tax returns from the last two years.
4. Bank statements, all pages covering the last 60 days. When you are refinancing your home bank statements may not be needed.
5. Home owner’s insurance statement so we can verify your premium annually.
6. When you have existing mortgages, you will need current mortgage statements or coupons to verify your mortgage payment includes an escrow account for your taxes and home insurance.

Self Employed for more than 5 years and no bankruptcy or divorce

1. One-year personal tax returns personal.
2. One-year tax returns from your company.
3. Copy of your K-1 if you file one.
4. Copy of last years W-2 if you pay yourself.
5. Year to date profit and loss statement on your business.
6. Bank statements, all pages covering the last 60 days. When you are refinancing your home bank statements may not be needed.
7. Home owner’s insurance statement so we can verify your premium annually.
8. When you have existing mortgages, you will need current mortgage statements or coupons to verify your mortgage payment includes an escrow account for your taxes and home insurance.

Self Employed for less than 5 years and no bankruptcy or divorce

1. Two years of personal tax returns.
2. Two years of tax returns from your company.
3. Copy of K- 1 for the last 2 years if you file a K-1.
4. Two years of W-2s if you pay yourself.
5. Year to date profit and loss statement.
6. Bank statements, all pages covering the last 60 days. When you are refinancing your home bank statements may not be needed.
7. Home owner’s insurance statement so we can verify your premium annually.
8. When you have existing mortgages, you will need current mortgage statements or coupons to verify your mortgage payment includes an escrow account for your taxes and home insurance.

You have a bankruptcy in the last 7 years

1. Complete copy of your bankruptcy papers.
2. This must include all schedules.
3. Discharge of bankruptcy document.

You have a divorce

1. Copy of separation agreement.
2. Copy of final dissolution.

You want to use child support or maintenance to qualify

1. Copy of separation agreement.
2. Copy of final dissolution.
3. Document receipt of these payments for 6 months consecutively.

DORA | License # MB 100009498