What you need to get ready before applying for a mortgage loan – West Valley Mortgage

Loan Application Checklist

In general, the documentation you will need includes:

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. If you're paid monthly 60 days.

For the past two years:

	Names and addresses of each employer.
	W-2s or 1099s if self-employed

Statements for each bank, mutual fund, and/or investment account for the last three months.

Estimated value of personal property and furniture.

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 all 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.

Debts

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 and landlord information if applicable.

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.

If you have had a bankruptcy, a copy of the discharge.

Current mortgage statements from all Real Estate Owned or proof of 100% ownership and current property tax statements.

West Valley Mortgage; NMLS 81395; CL-213893 12511 Meridian East, Suite 102 PO Box 731332 Puyallup, WA 98373

Phone: Toll Free Phone: Fax: