The Mortgage Application

• Employers’ names and addresses for the last two consecutive years (including dates of employment and gross monthly income).
• W-2s for the last two years and pay stub(s) for the last 30 days.
• Supporting documentation for any other income (i.e., social security, pension, dividends, or alimony).
• If self-employed, the following financial statements:
• Year to date profit and loss statement and balance sheet prepared and signed by an accountant and you.
• Signed tax returns for the last two reporting years (business and personal).

• Gift Letter (if applicable).
• Last three months bank statements and/or passbooks for the following:
• Checking and savings accounts
• Credit Unions
• Security accounts (stocks, bonds, life insurance, IRAs, 401(k)s, etc)

• Current names, addresses, account numbers, and balances for: Credit Cards, student loan(s) or car loan(s). Include most recent statement or payment books.
• Present mortgage company. Include past 12 months of cancelled mortgage checks and most recent statement.
• Present landlord. Include past 12 months of cancelled rent checks.
• Any documents relating to poor credit situation with a letter of explanation. i.e. bankruptcy or delinquent accounts.

• Executed contract of sale for property that you are purchasing.
• Executed contract of sale for current property (if being sold).
• Schedule of any real estate that is owned. Include name of lender, account number, original purchase price, principal balance, monthly payment, copies of rental agreement (leases only), type of property, etc.

• Addresses of residences for the last two years. 2. If you were a full-time student at any time in the past two years, include a copy of your diploma or transcripts.
• Social Security number.
• Check for the application fee. (If applicable)
• Copy of divorce decree. (If applicable)
• Provide green card. (If you are a resident alien)

Mortgage Qualification

Your mortgage lender will determine if you can meet the monthly mortgage payments. This is done by your income to debt ratio. The ratio of your monthly payment to your monthly income should not exceed 28%. The ratio of your monthly payment plus monthly non-housing debt to your monthly income should not exceed 36%. The following circumstances may require additional qualifications:

• Poor credit history.Bankruptcy, late payments, default
• Unstable Income. Working on commission. Self-employed
• Inadequate savings after down payment.If you have less than three mortgage payments in your savings after your down payment is met.
• Alternative loan products. If you don’t qualify for the type of loan you were looking for, there may be an alternative mortgage that the lender can qualify you for.

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