How to Apply for a Home Mortgage Loan
To begin the application process, you'll need to provide a variety of information to help us determine what size of a loan will best match your needs. The type of information required will depend on your personal and financial situation. This all may seem like a lot, but VmaxLending works hard to simplify the process and make sure you don't get overwhelmed.
VmaxLending has provided this required documents checklist to make it easy for our customers to understand exactly which documents they need to provide.
In addition to documents in the above checklist, all borrowers are required to provide the following as part of the loan process:
- Copies of W-2s for the past two years;
- Copies of the two most recent consecutive pay stubs showing year-to-date earnings;
- Copies of checking and saving account statements for past three months (all pages);
- Copies of quarterly or semi-annual statements for checking, savings, IRAs, CDs, money market funds, stocks, 401k, profit sharing, etc.;
- Copy of sales contract when ratified;
- Employment history for the previous two years (include explanations for any gaps in employment).
- Residency history during the past two years, with name, phone number, address and account number of land or mortgage company; for rental property, copies of leases;
- Canceled earnest money check when it clears or corresponding bank statement, if applicable;
- A check to pay for your appraisal and credit report if required.
- Refinance copy of note, deed of trust, settlement statement, survey and insurance information;
- Documentation of any assets used for down payment, closing costs and cash reserves.
- If paid off mortgage in the past two years, need copies of HUD1;
- Copy of driver's license for applicant and co-applicant(s);
- Copies of your past two years' tax returns;
- Copy of Social Security Card for each applicant and co-applicant(s).
Required documents if you're self-employed.
- Copies of your past two years' tax returns (with all schedules, including K-1's if applicable);
- Copy of current profit and loss statement and balance sheet;
- Copy of corporate/partnership tax returns for last two years if owning 25% or more of company plus copies of W-2s and/or 1099 forms.
Additional document requirements, if applicable.
- Relocation agreement if move is financed by employer (i.e. buyout agreement plus documentation outlining company-paid closing costs benefits);
- If you've had a previous bankruptcy, bring copies of petition for bankruptcy and discharge, including supporting schedules;
- Divorce decree (if applicable);
- Documentation of Social Security, retirement or trust income. Copies of direct deposit bank statements, awards letter or other evidence of continuing income are acceptable.
Document requirements for FHA/VA loans.
- FHA: Copy of Social Security Card and driver's license for each applicant and co-applicants;
- VA: Original certificate of eligibility and copy of DD214 discharge paper;
- VA: Name and address of nearest living relative.