Mortgage Checklist
Once you have chosen the house you want and have had it appraised, and you also have chosen a VA-approved lender, it is most important to have a checklist of document that you would need at hand. This is a great resource for you to get organized. Being organized saves you time and energy so you could move to your new home sooner than you expect. These pieces of information that you have to prepare could be clustered into: your personal information, employment and income status, and your savings and investments.
Personal Information
Your personal information is important to verify identification. Your personal credit history will be analyzed as well using your Social Security Number.
- Current Address
- You will need to provide your residence address for the last two years.
- Driver’s License or any Official State ID
- Driver’s license should be a current one or an official state identification.
- Social Security Number
- Social Security card should be available for authentication.
- Green Card or Work Permit
- These apply if you are living and working in the United States but are a citizen of another country, it is important to show verification of legal work status.
- Certificate of Eligibility and DD-214
- This is applicable only to veterans.
Employment Information
Your employment history and income is an important factor in determining whether you can afford a mortgage and have steady employment to continue to pay a monthly mortgage.
- Current Pay Stubs
- You should provide copies of the last two months of your employment pay stubs from all employers, verifying your current monthly income.
- Tax Returns and W-2’s
- Your past two years of tax returns, along with your employer W-2 forms, should be submitted.
- Name/Location of Employer(s)
- Gather information from your employers for the past two years.
- Self-Employed
- Self-employed individuals will need to provide at least three years of prior tax returns, as well as balance sheets and income/loss statements for the same time period.
- Divorce and Spousal Support
- Individuals who are divorced and are receiving spousal support may include this information as part of their income.
Savings Information
Not only is your monthly income used to consider your financial mortgage obligation, but your savings and investments are an important asset to analyze what you are eligible for to pay as a down payment on your new home. These also demonstrate your financial reserves that will keep you from defaulting on your mortgage should you encounter employment difficulty, such as a layoff.
- Bank Account Information
- You should provide copies of statements for the past three months of all bank accounts, including checking, savings, money market, certificates of deposit, etc.
- Investment Accounts
- You should have recent statements of any investment accounts, including 401(k), mutual funds, stock market accounts, etc. handy.
- Other Real Estate
- Complete information should be provided on any other real estate assets that you own.
- Personal Property
- A personal statement of the value of your personal property including furniture, jewelry, automobiles, etc. should also be provided.
