What you need to get ready before applying for a mortgage loan – Presus Mortgage LLC

In general, the documentation you will need includes:

Check for application deposit fee for the appraisal

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

Purchase Agreement signed by both the sellers and the buyers.

Copy of the MLS sheet or data sheet.

Earnest money receipt if applicable.

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 & 1040 Federal Tax Returns (with all schedules)

Statements for each bank, mutual fund, and/or investment account for the last two months. Include all pages please!

If you have made any large deposits to your accounts:

Explanation and source for deposit.

If large deposit was a gift:

	Signed gift letter (PRESUS Mortgage will supply).
	Copy of gift check.
	Copy of deposit receipt.

If you own more than 25% of a business:

Corporate or partnership tax returns for past two years.

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 or dis-ability:

Social Security Award Letter.

If you are counting child support or maintenance as income:

	Copy of divorce decree and settlement agreement.
	Proof of child support or maintenance being received.

Debts

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

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) and Certificate of Eligibility.

Miscellaneous

Photo ID - clear copy.

Residence addresses for the past two years.

If applicable, a copy of your divorce decree and settlement agreement.

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