Typical requirements for conventional mortgages
List of requirements for all loans:
- ____ Deposit of $300-600 (credited to closing costs)
- ____ Loan application (1003), completed and signed
- ____ Complete last year and the previous years signed federal tax return forms,
and last year and the previous years W2 federal forms
- ____ Two most current pay stubs within 30 days for each
borrower
- ____ Current evidence of fire / hazard insurance policy
- ____ Last three bank statements for all savings and checking
accounts
- ____ Non-citizens, please provide copy of green card
- ____ Award letters (social security, pension, retirement)
- ____ Evidence of additional income (rental agreements, child
support, alimony, military allowance)
Requirements for purchases (if applicable):
- ____ Purchase contract
- ____ Landlord name and address (if borrower has rented within
two years)
- ____ Condo name, management company, address, and phone number (if condo)
- ____ Recorded documents (quitclaim, death certificate, divorce
decree, leasehold)
- ____ Explanation letter for any gap in employment over one
month within the past two years
- ____ Gift letter for gifted funds
- ____ Bank deposit receipt by donor
Requirements for self employed borrowers (if applicable):
- ____ Last year and the previous years signed federal corporate tax returns
- ____ Last year and the previous years signed federal partnership tax returns
- ____ Last year and the previous years and current (calendar or business year) year
to date (YTD) signed Profit and Loss Financial Statements
- ____ Current year to date (calendar or business year) signed
state tax return forms
- ____ Evidence of payment of year to date (YTD) state General
Excise Taxes (canceled checks)
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