What you need to get ready before applying for a mortgage loan – Mountain West Financial, Inc

Loan Application Checklist

In general, the documentation you will need includes:

Property Information (if you already have a contract on a house)

Executed Purchase Agreement/Contract

Copy of Earnest deposit

If you are selling your current home, copy of listing contract.

If you have sold your current home, copy of settlement statement (HUD-1).

Income & Assets

Pay stubs for the last 30 days

For the past two years:

	Names and addresses of each employer
	W-2s/1099s and Federal Returns (1040s) complete

Statements for each bank account (checking and savings) for the last two months with all pages

Copy of Retirement statements for the past two months or quarterly statements ie: 401k, stocks, bonds and mutual funds

If you have made any large deposits to your accounts:

Explanation and source for deposit.

If large deposit was a gift:

	Signed gift letter (lender can supply).
	Copy of gift check.
	Copy of deposit receipt.

If you own more than 25% of a business:

Corporate or partnership tax returns.

If self-employed:

	Tax returns for the last two years (with schedules).
	Year-to-Date Profit and Loss Statement prepared by an accountant.

If you own rental property:

Tax returns for the last two years and current rental agreements.

If you are retired:

Pension Award Letter.

If you receive Social Security:

Social Security Award Letter.

If you are counting child support as income:

	Copy of divorce settlement.
	Copy of 3 months of cancelled child support checks.

Debts

Names, addresses, account numbers, balances and monthly payments on all current loans.

Explanation of credit report anomalies, including:

	Late payments, credit inquiries in the last 90 days, charge-offs, collections, judgments and/or liens.
	Bankruptcy filed within last seven years (bring a copy of your bankruptcy papers).

VA Loans

Copy of DD Form 214, Report of Separation.

Miscellaneous

Photo ID and proof of Social Security number.

Residence addresses for the past two years.

If applicable, a copy of your divorce decree.

If you are not a citizen, a copy of the front and back of your green card.

Mountain West Financial, Inc 9227 Haven Avenue #110 Rancho Cucamonga, CA 91730

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