When you apply for your mortgage, a representative from Ross Mortgage will assist you in completing the application and answer any questions you may have regarding the loan application process. The list below outlines the principal documents and information that are generally required from both the borrower and co-borrower(s). Your representative may request additional documentation depending on the circumstances and the type of loan for which you apply.
Documents Needed to Complete a Loan Application
- Copy of Purchase Sales Contract or Offer to Purchase and All Addendums - Signed by the buyer and seller
- Property Information: Listing sheet or Multiple Listing Service description
- Tax Returns - Previous two years' personal federal income tax returns and all schedules if:
- You are self-employed
- You are employed in a family business
- You are a tradesman
- All or part of your income is derived from bonus, commission, partnership or trust income
- If you own rental property, or
- If you have income from an otherwise non-verifiable source such as corporate ownership, installment sales and tips
Generally Required Information
- Employment History - Name and address of employer(s) for the last two years, dates of employment and income. Explanation of recent gaps in employment, if applicable.
- Social Security Number(s) - For both borrower and co-borrower(s).
- Checking and Savings Accounts - Depository institution names and addresses, account numbers and balances. Depositories include banks, credit unions and savings and loans. Passbooks and bank statements from the previous two months.
- Stocks, Bonds, Investment Accounts - Name and address of broker and previous two months' statements or copies of the stock certificates. A list of serial numbers and issue dates may be acceptable for verifying bonds.
- Retirement Plan - Approximate value of vested interest and copy of most recent statement.
- Other Assets - Estimate of the market value of other assets; i.e. furniture or personal property.
You will be requested to provide information regarding any application you have made for credit within the last ninety days prior to making application for your mortgage loan.
Additional Information That May Be Required
- Self-Employed Borrower - Previous two years' tax returns including all schedules and current year-to-date Profit and Loss and Balance Sheet.
- Divorced or Separated - Copy of divorce decree or maintenance agreement, along with any amendments and 24-month payment history of alimony/child support payments, if such payments are provided or received.
- Overtime Income - If overtime income will be used to qualify, W-2's from the previous two years.
- Other Income - Documentation of the income received for the past 12 months if such income is used to qualify (i.e., interest or dividend income).
- Renters - Landlord's name and address and previous 12-months rental payment history. Rent receipts or cancelled checks are acceptable.
- Real Estate Owned - Name and address of your mortgage lender, account number and most recent year-end statement. In addition, if the real estate owned is:
- Currently rented - A copy of the current lease or rental agreement for each unit.
- Listed for sale - a copy of the listing agreement.
- Sold but not closed - a copy of the sales contract.
- Sold, closed and the proceeds from the sale will be used for the down payment - a copy of the HUD-1 Settlement Statement.
- Gift Letters - If your source of down payment is a gift, a signed letter is needed from the donor to verify that you are not required to repay the funds.
- Construction/Permanent Loan - Signed construction contract with cost breakdown and builder plans.