What you need to get ready before applying for a mortgage loan – White Star Mortgage

Loan Application Checklist

In general, the documentation you will need includes:

Check for appraisal fee payable to appraisal company

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

Purchase Agreement.

Copy of legal description and MLS sheet.

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

Statements for each bank account (checking/savings/CD) for the last two months.

Estimated value of mutual funds or IRA or 401K.

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 three 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 twelve months of cancelled child support checks or bank statements showing automatic deposits.

Debts

We will need you to validate your current debts on your credit report once we pull a tri-merge report.

Explanation of derogatory accounts on your credit report , 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 if you still have them).

VA Loans

Copy of DD Form 214 copy #4, 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.

White Star Mortgage 8292 Highway 92 Suite B-140 Woodstock, GA 30189

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