Mortgage Checklist

Mortgage Checklist - Wisconsin First Time Home
Mortgage Checklist – Wisconsin First Time Home

Information required, as well as the supporting documents you will be asked to provide when you apply. Use this as your mortgage-checklist

Information – Your mortgage-checklist needs to include

  • Full legal name, Social Security number, Date of Birth
  • Primary phone number, email address, current and former residential/mailing addresses over the last two years
  • Gross income amount, including primary, second and part-time jobs, as well as overtime, bonuses, and commissions, if applicable
  • Secondary income sources and amounts, if you want them considered for repaying this loan – including retirement or veteran’s benefits, disability payments, alimony, child support, and rental or investment income
  • Name, address, and phone numbers of all employers over the last two years
  • Value of each bank account, retirement, investment, and other asset accounts
  • Current expenses including housing, credit card and loan payments, child support and other obligations
  • Address of property being purchased, year built (if known), estimated down payment amount, purchase price
  • Estimates of annual property taxes, hazard insurance, any homeowner association dues on the property

Documents – Your mortgage-checklist needs to include As your home mortgage consultant, I will ask you to provide some or all of the documents listed below. Be prepared to provide additional documents as your application moves further along the process.

Income / Employment / AssetsYour mortgage-checklist needs to include

  • IRS Form 4506-T – Request for Tax Transcript, completed, signed and dated
  • Pay stubs covering the last 30 days with year-to-date information included (for all jobs and applicants)
  • W-2s for the past two years
  • Federal tax returns (1040s) for the past two years
  • Written explanation if employed less than two years or employment gap exists within the last two years
  • Asset / Bank statements – Most recent two months’ statements for all accounts listed on the application- all pages

Credit Your mortgage-checklist needs to include

  • Credit explanation letter for late payments, collections, judgments or other derogatory items existing in credit history
  • Source of funds documentation for any large deposits on asset statements (outside of payroll or gift fund deposits)
  • Judicial decree or court order for each obligation due to legal action (example: lawsuit, judgment, child support, divorce)
  • Bankruptcy / Discharge papers for any bankruptcies existing in credit history
  • Payment History for public utilities, phone company, cable, car insurance, and other expenses

If Self-employed –Your mortgage-checklist needs to include

  • Federal tax returns (personal as well as business returns) – complete copies for the last 3 years
  • Profit and loss statement – year-to-date
  • List of all business debts

Other Your mortgage-checklist needs to include

  • Driver’s License and Social Security card – legible copies
  • Hazard (Homeowner’s) insurance information including agent’s name and phone number
  • Purchase contract – signed by all parties if applicable (fully executed)

For more information;

FHA Loans

VA Home Loans

Conventional Loans

USDA Rural Development Loans

Mortgage Fees

Mortgage Checklist

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