Author: Laura Ray

BORROWER CHECKLIST

Main 29-215-3850
Fax 239-215-3849
office@LibertyMortgageLoans.com LibertyMortgageLoans.com Apply.LibertyMortgageLoans.com

Application Documents
Completed application
Homeowner Ins Policy Declaration Page (Refinance)
Copy of Photo ID, State or Federal Issue
Purchase Contract (Purchases)
Resident Alien Card or VISA
Complete backup documentation and explanation of any derogatory credit (i.e. bankruptcy, foreclosure)
Most recent mortgage statement (if refinance)
Homeowner’s/Condo Association agreement, statement, verification of up to date status, if refinance

Income Verification
Paystubs covering 30 days for all borrowers
Social Security, Pension, Retirement, Award letter
Prior 2 years Federal Tax Returns filed with ALL schedules.
2 years’ W2, 1099, K1, etc. for all borrowers on tax returns submitted.

Additional Income Verification
2 years filed Corporate, partnership, or LLC tax returns all schedules
Evidence of all child support/alimony/separate maintenance received including all pages of the court order plus deposit or receipts for 12 months
Copy of completed divorce decree/separation agreement/ sale or refinance property settlement agreement
Explanation if employed less than 2 years or gap in employment in the past 2 years

Asset Verification
3 consecutive months bank, 401k, IRA, and investment account statements all pages even if blank
Copy of gift letter with verification of deposit into the borrower account and into the donor account, or cashier check copy. The letter must state it is not to be repaid.
Proof of earnest money
Explanations of large recent deposits

Rental Documentation
All existing lease agreements with your tenants even if they are family members or if the family member is paying the mortgage directly
Recent mortgage statements, tax bills, and insurance declaration pages
Tax return must show that this rental income is being reported either through a corporate return or Schedule E on the personal return.