How to Prepare to Apply for a Mortgage

Documents needed

Please Read Carefully. Not all will apply to you but all that do, must be provided. The key to the success of your mortgage application is to have these documents in our office and verified prior to signing a Purchase Agreement.

  1. Last 2 years W2’s or 1099s- If you are paid on a 1099, you are likely considered to be self-employed, see the self-employed section below.
  2. Last 2-4 pay stubs covering the most recent 30 day period- We must have your most recent pay stub.
  3. Last 2 Bank Statements covering any funds you are using for down payment. Please include all pages, even blank ones.
  4. Most Recent 401k Statement
  5. Copy of Driver’s Licence or ID both front and back
  6. Copy of Social Security Card, or you can sign an SSA-89 verification form, just ask us to create you one.

Those are the basics, Below are various circumstances that require extra paperwork if they apply to you:

Self-Employed
  • Last 2 years Personal Tax Returns
  • Last 2 years Business Tax Returns
  • Articles of Incorporation
  • A Profit and Loss Statement for the current year
Receiving a Gift for Down Payment

Contact me prior to moving gift funds into your account. If you aleady have, we will need this:

  1. Bank statement from the donor showing that they have the money in their account.
  2. The withdrawal slip showing the money coming out of their account.
  3. Your bank statement before the funds are deposited
  4. The deposit slip showing that you deposited the money into your account
  5. Your bank statement showing the funds in your account and available for use.

Every step of this process must be shown.

Social Security or Pension as Income

Provide Last 2 years of 1099s

Most Recent Awards Letter

If you Pay Child Support
  • Provide a Copy of the Child Support Order and Divorce Decree if Applicable
  • You must also verify that the last 12 payments have been made in full and on time by contacting the Child Support Administrator and getting a payment history
Using 401k or Retirement funds as down payment
  1. 60 Days’ worth of bank statement from the account you will deposit the money.
  2. Most Recent Statement from the Retirement Account.
  3. The Terms and Conditions of the loan paperwork if your withdrawal is considered a loan.
  4. A copy of the Withdrawal Check Once it is Received.
  5. The deposit slip showing that you deposited the check into your account
  6. Your bank statement showing the funds in your account and available for use.

Every step of this process must be shown.

If you Itemize Deductions on your tax returns

Last 2 years of Tax Returns with all schedules

Receiving Child Support as Income
  • Provide a Copy of the Child Support Order and Divorce Decree if Applicable
  • You must also provide your last 3 month payment history from State of Michigan portal
Own Investment Properties

Last 2 Years Tax Returns

Mortgage Statement for each property

Yearly Tax and Insurance amounts for each property

Once you have gathered the essentials, you are ready for the next step. Click below for my online application, or you are welcome to call first if you prefer, 810-919-8138

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