(Content provided by Russell Smith, VP Of Mortgage Production, OVM Financial Inc. )
Items Needed to Process, Approve, and Close a Mortgage Loan:
- Copy of driver’s licenses and social security card
- Pay stubs to cover the most recent 30 day period (as new pay stubs are received, send those too)
- Last 2 years of W2’s, 1099’s, and federal tax returns (all schedules of the federal returns only)
- Social security, retirement, disability income: Copy of the award letter and proof of receipt
- 2 most recent actual statements for banking, investment, and retirement accounts (all pages of each actual statement, not the online daily history printout)
- Name and phone number for the homeowner’s insurance agent you want to use (ask agent to contact us with a quote ASAP)
- Copy of the signed divorce decree/separation/child support agreement (all pages)
- Contact information for your landlord and last 12 months cancelled checks if paid to an individual if available. If you don’t pay rent, we will need a signed letter from the owner of the house stating that you live there “rent free”
- copy of your most recent mortgage statement on your current home to prove the total payment with taxes and insurance. If property is free and clear, need copy of the insurance policies
- Copy of cancelled check for the earnest money (once under contract and it cleared your bank)
For USDA Loans Only:
- Names and dates of birth for all individuals which will be living in the new home (ALL household members even if not on the loan)
- Income documentation for all adult household members (on the loan or not). For all adults with no income, we need a signed letter from each stating they have “no income”
For VA Loans Only:
- DD214
- If currently in the military, contact information for your commanding officer
- Name, address, phone number, and relationship to you for a nearest living relative (not in your household)
Important Information Regarding the Above (PLEASE READ):
- Pay stubs must identify the employer and employee information
- Statements may be original statements or you can access your online account and choose to “view statements” and then print hard copy or print to a pdf. Must have bank name and account numbers and cannot be a daily history/transaction history
- All banking, investment, and retirement account statements must have all pages. For instance, if the statement say 1 of 7, we would need all 7 numbered pages even if blank. Often back pages are blank, but we don’t know unless we have those pages
- If you notice large generic deposits on your bank statements, please give us proof of the source of funds for the deposit. Let us know if you have questions on this documentation
- Make a legible copy of the driver’s license. For clarity, it helps to enlarge the copy
- Don’t wait until the end to choose and start talking to your insurance agent
Even if you are not under contract or don’t have everything together, please send what you can of these items to us ASAP as it will speed up the approval and closing process. Additional items may be needed and this list does not encompass every possible situation of what may be required.