The thought of applying for and obtaining a new home mortgage may seem overwhelming. You have probably already discussed it briefly with your real estate agent, and maybe you’ve even already met with your lender. But if you haven’t, and especially if this will be your first mortgage, then we are here to help. Let me give you a brief checklist of what you may need. Start gathering documents as soon as possible, ensuring that they remain up to date, and you will feel more at ease every time you meet with your lender. Be prepared!

When? At time of application

What do you need?

  • Pay stubs for the past 30-60 days
  • W-2 statements and/or 1099s for the past two (2) years
  • Personal federal tax returns for the past two (2) years including all schedules
  • Bank/investment statements (all numbered pages) for the past two (2) months or most recent quarter
  • Proof of any gifted funds to be used for down payment or closing costs
  • Most recent award letters for any pensions or retirement income received
  • Most recent mortgage statements for any homes currently owned

Additional requirements for self-employed borrowers

  • K-1 forms if partnership is indicated on Schedule E (2 years)
  • 1099 forms if income is indicated on Schedule C (2 years)
  • Business tax returns for the past two (2) years, signed and dated with all schedules (if borrower owns 25% or more of the business)

If it’s after April 15th & tax returns haven’t been filed for the most current year

  • 12-month profit and loss statement for that tax year
  • Copy of the executed extension document (all pages)

If today’s date is more than 120 days after the business’s fiscal year end, also include:

  • Year-to-date profit and loss statement for the current year

This checklist was provided by Chris Johns, Mortgage consultant with On Q Financial. He can be reached at and Other loan officers/mortgage companies may require less or additional documentation. This is to be used as a reference only.