The New Vision Mortgage

Checklist - Loan Processing

Standard Documents Needed for Initial Loan Submission

Borrower’s/s’ Name/s_______________________

Please indicate if the following documents are needed by checking off any of the following:

Income/Asset and Employment Documents

  • 1 month of Pay stubs, must be within 30 days from loan application date
  • 2 years of W-2
  • Last pay stub of previous employer if borrower moved jobs within the current year
  • Transcript of Records if borrower has entered the work force within the 2-year period
  • 2 years of Income Tax Return with all schedules
  • 2 months of bank statements (all pages)
  • Most recent copy of any retirement statements if any of these are needed as part of down payment/reserves ie 401K/403B, Traditional/Roth IRA.
  • Copy of cancelled checks from all sources of down payments.
  • If source of funds come from retirement funds, proof of withdrawal and a terms of withdrawal. If funds are borrowed against, a schedule and terms of repayments should be needed.
  • Proof of Pension and annuity incomes if used as qualifying factor
  • Copy of Investment Accounts, ie Mutual Funds. Stocks and Bonds
  • Gift letter and bank statements of donor, if gift is used as down payment
  • ______________________________________________
  • ______________________________________________

Identification/Residency Documents

  • Copy of Driver’s license (front and back)
  • Copy of SS Card (may be optional for conventional but required for FHA)
  • Copy of Green Card or Green Card Approval or EAD if not a US citizen
  • Copy of Passport and Visa if not a permanent resident
  • Copy of Homeowner’s Insurance Bill (only if refinance)
  • Copy of utility bill if address has inconsistent entries
  • _______________________________________________
  • _______________________________________________

Liability Documents

  • Copy of Mortgage Statement (only if refinance)
  • Copy of Mortgage Statement of other properties(if the client has other real estate properties)
  • Tax and Insurance Information of other real estate properties
  • Copy of Executed Sales Contract including riders
  • Copy of cancelled check (front and back) of earnest and down payments
  • Payoff evidence on collection accounts
  • Bankruptcy Discharge if not shown on credit report
  • Note and Security Instrument if FHA refinance
  • HUD Settlement if FHA refinance and if borrower sold property prior to the current transaction
  • ___________________________________________
  • ___________________________________________

Legal Documents

  • Copy of Lease Agreements (if there is a rental income)
  • Copy of Listing Agreement if the borrower is a contingent buyer
  • Condo Questionnaire (if property is a condo)
  • Condominium Budget (if property is a condo)
  • Divorce Decree, if applicable
  • Proof of disability if the borrower is currently disabled
  • Alimony Provisions if alimony income is used to qualify
  • Fully Executed Sales Contract and Riders
  • ___________________________________________
  • ___________________________________________

Letters of Explanation/Miscellaneous

  • _____________________________________
  • _____________________________________
  • _____________________________________