What you need to get ready before applying for a mortgage loan – Abaca Mortgage, Inc.

In general, the documentation you will need includes:

Appraisal/Credit Report fee is all we collect prior to closing and this can be paid via check or credit card

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

Purchase Contract signed by all parties buyers and sellers

If you have sold your current home, copy of ALTA or Closing Disclosure CD.

Copy of your Earnest Money Check once it has cleared the bank

Income & Assets

Pay stubs for the last 30 days.

For the past two years:

	Name, address and HR contact for each employer.
	Most recent 2 Years of Tax Returns (all schedules) and W-2s, 1099's, etc

Statements for each bank, mutual fund, and/or investment account for the last two months or most recent quarter - all pages and verification of any large deposits.

If you have made any large deposits to your accounts:

Explanation and source for deposit.

If large deposit was a gift:

	Signed gift letter (we will provide) and copy of Giftor's bank statement showing the gift left their account.
	If deposit was a 401K loan or other type of loan, the repayment information for that loan will be required.
	Deposits that can not be verified will be deducted from your assets on the loan application.

If you own more than 25% of a business:

Corporate or partnership tax returns.

If self-employed:

	Tax returns for the last two years (with ALL schedules).
	Year-to-Date Profit and Loss Statement.

If you own rental property:

Tax returns for the last two years and current rental agreements. Monthly mortgage statement, insurance declarations page and tax bill for each rental property.

If you are retired:

Pension Award Letter.

If you receive Social Security or Disability:

Social Security or Disability Award Letter.

If you are counting child support or alimony as income:

	Copy of final divorce settlement agreement and proof that the income will continue for at least 3 years. A birth certificate for the child will suffice.
	We must also prove that the income has been received for the past 6 months.

Debts

Names, addresses, account numbers, balances and monthly payments on all current loans.

Explanation of credit report anomalies, including:

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

Miscellaneous

To comply with the Customer Identification Act two forms of ID will be required. The following are acceptable forms of ID: Drivers License, Passport, Military and military/dependent ID cards, state issued photo ID card, non-resident alien card or foreign Cedular card.

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.