Securing a mortgage is a significant step towards homeownership, but the process can be daunting, especially when it comes to the documentation required. Whether you are a first-time homebuyer or refinancing your current home, having the necessary documents ready can expedite the mortgage approval process and prevent unnecessary delays. Here’s a comprehensive list of documents you’ll need when applying for a mortgage.

Proof of Income

Your lender wants to ensure that you have a steady income that allows you to make mortgage payments. This involves providing:

• Pay Stubs: Usually the last two pay stubs to demonstrate your current earnings.
• Tax Returns: Two years of federal tax returns provide a comprehensive view of your financial situation.
• W-2 Forms: These forms from the past two years show your total gross income.
• Self-Employment Documents: If you are self-employed, you will need to provide profit and loss statements, as well as tax returns.

Proof of Assets

Documentation of your assets reassures the lender of your financial stability. You will need:

• Bank Statements: Statements from the last two to three months for all your accounts, including checking, savings, and investment accounts.
• Retirement Accounts: Recent statements of your IRA, 401(k), or other retirement accounts help demonstrate long-term financial health.
• Gift Letters: If you receive financial help from family or friends, you’ll need a letter stating that the money is a gift and not a loan.

Proof of Identity

To validate your identity and lawful presence in the country, lenders typically ask for:

• Government-issued ID: A valid driver’s license or passport.
• Social Security Number: This helps verify your credit history and identity.

Credit Documentation

Your credit score and history play a crucial role in the mortgage approval process. Be prepared to explain any discrepancies:

• Credit Report: Lenders will pull your credit report, but it’s wise to get a copy yourself to understand your score and clean up any errors in advance.
• Explanation Letters: If there are any negative marks on your credit report, such as late payments, you may need to provide a written explanation.

Additional Documentation

Based on your unique situation, you may need to provide extra documents:

• Rental History: If you’ve been renting, a history of rental payments can be beneficial.
• Divorce Decrees: These are necessary if you are relying on alimony or child support as income.
• Bankruptcy and Foreclosure Documents: If applicable, these show the resolution of past financial difficulties.

Having all these documents organized and ready can make a significant difference in the mortgage application process. It demonstrates your preparedness and reliability to lenders, potentially speeding up approval and reducing stress. Always check with your lender for any additional requirements specific to your financial situation.

Here is a list of items that you would need to start putting together in order to get a file into underwriting.

□ Clear copy of driver’s license for everyone on the loan – you can text this to my cell if you want 904-613-7700.  

□ Pay stubs from the past 30 days, per borrower, reflecting current and year to date earnings

□ W-2 / 1099 statements from the past 2 years

□ Contact name and number for someone who can do a verbal verification of employment

If you receive any self employment income we will need the following□ Federal Tax Returns, (including all schedules) from the past 2 years for both individual and business (1040s and 1120s) □ Copy of 3 months complete bank/asset statements.  We will need all numbered pages even if blank.  We will not be able to screen shots and will not be able to use print outs unless stamped and dated by the bank.  We will need all numbered pages even if blank.  All large deposits will need to be sourced.

□ Copy of most recent retirement and investment statements if we have these accounts and are using these funds on the application.  We will need all numbered pages even if blank. (only if you have retirement accounts)

□ For gift funds.  We will need a gift Letter and gift documentation.  If we are using gift funds please get with me and I will send a separate email with a gift letter and the gift documentation process and items needed to document the gift

Here are some tips for making this a smooth process

Please send all documentation at the time of request.  Any delay can delay closing.Please label or name documents being sent.We will need all numbered pages.  So if there are 4 pages to a bank statement, then we will need 1, 2, 3 and 4 of 4  

Underwriting will not take screenshots – please send only full statementsPlease try to avoid staples.Please do not blacken (sharpie), cross out or white out any information on any documents as it would then be unacceptable for underwriting.

Please AVOID making any transfers of funds in your bank accounts unless consulting with me first.  Because all deposits need to be sourced, money transfers can lead to the need for multiple un-necessary documentation trails. 

We do not need originals of anything – we prefer you upload documents securely to me. We can send you a link to upload them.