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Mortgage Loan Planning Checklist

At The Bank of Missouri, we believe the Mortgage Loan process should be as quick as possible. With that in mind, we have provided you with a list of required documentation to expedite your loan process.

The information listed below can help you identify the correct information you will need for your loan application.

General information for all mortgage applications:

  • Original pay stubs covering the last 30 days, for each applicant.
  • Copies of your last two years personal signed federal income tax returns and all applicable schedules along with W-2 forms for the last two years, for each applicant.
  • Proof of any other sources of income
  • Original statements for the past  two months for all checking and savings accounts, investment accounts, and 401k and/or IRA statements.
  • Name, address, phone number of current and/or previous landlords covering the past 24 months, if applicable.
  • Provide homeowners insurance information to include agent's name and telephone number.

Items to take into consideration when applying for a loan:

  • If you are self employed, please provide your last two years signed business federal income tax returns and all applicable schedules.  Also provide a Year To Date Profit and Loss Statement and Balance Sheet.
  • If this is a property purchase transaction, please provide a copy of the fully executed sales contract and copy of your cleared earnest money check.
  • If the property is accessed by a shared private road, please provide a copy of the recorded private road maintenance agreement.
  • If the property has a shared well, please provide a copy of the recorded well agreement.
  • If you have declared bankruptcy in the last 7 years, provide a copy of the petition/decree, Schedule of Creditors and a copy of the discharge. Also include a letter of explanation on why you filed for bankruptcy.
  • If you have been divorced, include a signed filed copy of the divorce decree and any stipulations or modifications.
  • If child support payments are used as income, provide documentation of timely receipt for the past 12 months and evidence of 3 years continuance.
  • If you have a gap of employment for more than 30 days in the past two years, please include a letter of explanation.
  • If you are selling your current home, include a copy of your signed HUD-1 Settlement Statement (if your sale is not completed provide a copy of the fully executed sales contract, HUD-1 must be provided prior to closing).
  • If you have rental property, include copies of your last two years Federal Tax returns or signed lease if you have owned it less than a year.
  • If you are being relocated by your employer, please provide a copy of your company's relocation policy.
  • If you are a recent graduate, please provide a copy of your diploma and two years transcripts.

If you are applying for a VA loan:

  • VA Certificate of Eligibility
  • Form DD-214 or, for in-service veterans, Statement of Service.
  • Most recent Leave and Earnings Statement (in-service veterans only).
  • Drivers License and Social Security Card

If you are applying for a FHA loan:

  • Drivers License and Social Security Card

 

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