We’ve compiled a comprehensive list of the documentation you need to accompany your mortgage application. Providing all of this information with your application helps us process your application faster!
- A Completed and signed Uniform Residential Loan Application
- Income verification
One month of your most recent pay stubs with year to date earnings for all borrowers
- Tax information
W-2s for the last two years for all borrowers. If you are using non-salary income, i.e., bonus, rental income, commission, etc., we will need personal tax returns for the last two years, all pages, all schedules. If self-employed, we need the last two years’ business returns as well, all pages, all schedules. First-time homebuyers must provide the last three years of personal returns.
- Employer(s) verification
The names, addresses, and telephone numbers of your employers for the past two years. The phone number is for employment verification purposes and not your direct line.
- Bank account(s) information
The account number(s) and current balance(s) of your checking, savings, or any other account(s) listed as an asset on the application, i.e., Certificates of Deposits, IRAs, retirement accounts, mutual funds, etc. Please provide two months’ copies of your most recent statements (not printouts) all pages for all accounts. For 401Ks and other retirement accounts, we will need the most recent quarterly statement.
- Credit information
Liabilities will be obtained from your credit report. If you have student loans in deferment and the payment amount is not on the credit report, the monthly payment must be verified directly with the holder of the note.
- Current housing information
If this is a refinance, please provide us with copies of your property tax bill and homeowners insurance policy. If your mortgage is with a lender other than Biddeford Savings, please include a copy of your mortgage statement. If you rent, please provide us with the name and address of your landlord.
- Contract and deposit information
We will need a signed copy (by all parties) of your ratified sales contract, showing that you and the owner have accepted your offer. We will also need a copy of the earnest money deposit (EMD) check. Earnest money is a deposit you make to show you are serious about buying the house.
- A copy of a gift letter
If part of your down payment or closing costs will be from a gift, we will need a signed letter from the donor stating that you don’t have to repay the gift money.
- Divorce or separation information
We need a copy of the divorce decree or maintenance agreement, along with any amendments and 12-month payment history of alimony or child support payments. You will need these documents if you are using alimony for income or if you pay child support.
- In-school/student information
We will need your school transcripts or diploma if you are still in school or a recent graduate and do not have two years of employment history.
- Rental property information
We will need federal tax returns for the last two years, including a schedule of all real estate owned (REO) to show rental income. We will need a copy of the mortgage statement(s), if applicable, for all REO along with copies of tax bills and homeowners for each property.
IF THIS IS A CONSTRUCTION LOAN, WE WILL REQUIRE THE ADDITIONAL DOCUMENTS OR ITEMS:
- Plans, budget and a contract signed by you and the contractor