Loan App Checklist - Polaris Mortgage Group, LLC Worcester MA

Loan Application Checklist

In general, the documentation you will need includes:

Property Information (if you already have a contract on a house)

Fully executed Purchase and Sales Agreement.

Copy of legal property description and MLS sheet.

If you are selling your current home, copy of listing contract.

If you have sold your current home, copy of settlement statement (HUD-1).

Income & Assets

Pay stubs for the last 2 weeks showing gross YTD income.

For the past two years:

	Names and addresses of each employer.
	W-2s

Copies of last 2 months Bank Statements for each account, mutual fund, and/or investment account that you are disclosing for loan approval.

If you have made any large deposits to your accounts:

Explanation and source for deposit.

If large deposit was a gift:

	Signed gift letter (lender can supply).
	Copy of gift check.
	Copy of deposit receipt.

If you own more than 25% of a business:

Corporate or partnership tax returns.

If self-employed:

	Tax returns for the last 2 years (with schedules).
	Letter from a CPA verifying he/she has prepared your taxes for at least the last 2 years or business license verifying 2 years self employed.

If you own rental property:

Schedule E for your Tax returns for the last two years and current rental agreements.

If you are retired:

Pension Award Letter.

If you receive Social Security:

Social Security Award Letter.

If you are counting child support as income:

	Copy of divorce settlement. Must show that the support is to continue for the next 3 plus years.
	Copy of twelve months of cancelled child support checks.

Debts

Explanation of credit report anomalies, including:

	Late payments, credit inquiries in the last 90 days, charge-offs, collections, judgments and/or liens.
	Bankruptcy filed within last seven years (bring a copy of your bankruptcy papers).

Miscellaneous

Copy of front and back of Photo ID may be required prior to close.

Residence addresses for the past two years.

If applicable, a copy of your divorce decree.

If you are not a citizen, a copy of the front and back of your green card.

Polaris Mortgage Group, LLC is a licensed Mortgage Broker in MA and CT.

MA Broker License MB3814 50 Elm Street Worcester, MA 01609

CT Broker License 1st Mortgage 15859, 2nd 15860 7 Beeches Lane Unit #6 Woodstock, CT 06281

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