| Being
prepared with the necessary documentation will expedite
your California mortgage loan process. Here’s
a checklist, so you don’t forget what you’ll
need to efficiently move the loan process along:
Real Estate Contracts
____ Purchase Agreement (for the purchase of your new
home).
____ Sales contract (if you are selling a home).
Residence History
____ Past 24 months of residence with complete addresses.
____ Length of time you lived at each address.
____ Name of landlord and his/her address (if currently
renting).
Employment History
____ All original pay stubs for past 30 day period.
____ Employers for the past two years with complete
addresses.
____ Dates of employment for each job.
____ W2s for most recent two years.
____ Most recent tax returns (with all schedules) for
past two years.
____ If there have been any gaps in employment, prepared
explanations.
Financial History
____ Copies of most recent monthly statements for all
loans and credit card balances.
____ Copies of most recent three month’s bank
statements for all accounts, stock brokerages, mutual
funds, IRAs, Pensions, etc.
____ If you are self employed or received a 1099, your
most recent tax returns for the past two years with
all schedules and a year-to-date profit and loss statement
and balance sheet.
____ If you own 25% or more of a corporation, the most
recent corporate tax returns for the past two years
with all the schedules and a year-to-date profit and
loss statement and a balance sheet.
Current Real Estate
____ Property addresses.
____ Estimated market values of property.
____ Amount of monthly payment and outstanding loan
balances (bring copy of most recent loan statement).
____ If you own rental property, your most recent tax
returns for the past two years with all schedules and
a current agreement.
Personal Property
____ Net cash value of your life insurance.
____ Year, make and value of all vehicles.
____ Value of your furniture and personal property.
Special Situations
Self-employed.
Bring your federal tax forms for the past two years,
along with a profit and loss statement
Separated or divorced
Bring a copy of your divorce decree and separation agreement,
plus documentation of any alimony or child support payments
you are required to make. If you are receiving alimony
or child support and want it to be considered as income,
you’ll need proof of this income such as the court
clerk’s history of payments or cancelled checks
for the past 12 months
Public Assistance
Including pension, disability, Social Security or any
other form of public assistance with your income Bring
a copy of an award certificate or a check from the issuing
agency.
Bankruptcy
Have a bankruptcy, a foreclosure or judgments against
you over the past seven years Bring information on the
proceedings. Information on bankruptcies should include
a copy of the bankruptcy discharge and schedule of both
debts and assets. Judgments against you should include
an attorney’s letter that discusses the outcome
of the proceedings.
Applying for a Department of Veterans Affairs
(VA) loan
Bring your DD214 form (discharge) papers or your certificate
of eligibility.
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