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Mortgage Loan Planning - Customer Document Checklist

Mortgage Loan Planning - Customer Document Checklist

At CraterTeam.com, we believe the Mortgage Loan process should be as quick as possible. With that in mind, we have provided you with a list of required documentation to expedite your loan process.

Please contact us with any questions you have about this information. The information listed below can help you identify the correct information you will need for your loan application.

Required Customer Document Checklist for all Borrower(s) and Co-Borrower(s):

Income Documentation for Wage Earners - Originals or Clear Copies:

  • Most recent pay stubs covering the last 30 days, for each applicant.
  • W-2 forms for the last two years, for each applicant.
  • Copies of your last two years federal signed income tax returns (all schedules/pages)

Income Documentation for Self-employed or commissioned borrowers - Originals or Clear Copies:

  • Copies of your last two years personal and business federal signed income tax returns (all schedules/pages)
  • C-Corp: 1120's and K-1's / S-Corp: 1120s' and K-1's / LLC: 1065's and K-1's
  • Year to Date Profit and Loss Statement and Balance Sheet (self-employed only).

Asset Documentation - Any assets you can document will strengthen your approval and result in better loan terms for you:

  • 401k and/or IRA statements. (ALL PAGES)
  • Retirement and/or Investment account statement (past two months or most recent quarterly statement).
  • Bank statements for the past two months for all checking and savings accounts. (ALL PAGES)

Property Related Documentation:

  • Most recent Mortgage Statement (1st and 2nd mortgages if applicable)
  • Copy of Home Owners Insurance Declarations page

Other Required Documents:

  • Signed Borrower Authorization Form, for each applicant. (provided)
  • Clear Copy of Drivers License(s), for each applicant.

If you are applying for a VA loan:

  • VA Certificate of Eligibility (we can assist you in obtaining this if necessary)
  • Form DD-214 or, for in-service veterans, Statement of Service.
  • Most recent Leave and Earnings Statement (in-service veterans only).

Additional items to take into consideration when applying for a loan:

  • If you have declared bankruptcy in the last 7 years, provide a copy of the petition/decree, Schedule of Creditors and a copy of the discharge. Also include a letter of explanation on why you filed for bankruptcy.
  • If you have been divorced, include a signed filed copy of all divorce decrees and any stipulation or modifications.
  • If child support payments are used as income, provide documentation of timely receipt.
  • If you have a gap of employment for more than 30 days in the past two years, please include a letter of explanation.
  • If you are selling your current home, include a copy of your signed HUD-1 Settlement Statement (if your sale is not completed provide a copy of the estimate of proceeds from your realtor, HUD-1 must be provided prior to closing).
  • If you have rental property, include copies of your last two years Federal Tax returns.
  • If you are receiving a "gift" as part of your down payment, do not deposit the gift funds until you visit with your loan originator - we will provide a gift letter form.
  • If you are being relocated by your employer, please provide a copy of your company's relocation policy.

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