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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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