What you need to get ready before applying for a mortgage loan – BayWest Mortgage

Loan Application Checklist

In general, the documentation you will need includes:

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

Purchase Agreement.

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

Income & Assets:

Pay stubs for the last 30 days.

For the past two years:

	Names and addresses of each employer.
	W-2s

Statements for each bank, mutual fund, and/or investment account for the last three months.

If you have made any large deposits to your accounts:

Explanation and source for deposit.

If large deposit was a gift:

	Signed gift letter (BayWest 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 two years (all pages).

If you own rental property:

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.
	Copy of three months of cancelled child support checks or proof of receipt (bank statements with deposit amount).

If Previous Bankruptcy:

Explanation of credit report anomalies, including:

Bankruptcy filed within last seven years (bring a copy of your bankruptcy papers).

VA Loans:

Copy of DD Form 214, Report of Separation.

Miscellaneous:

Photo ID.

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 residency card.

Commited to Dreams of Home Becoming...Reality.

BayWest Mortgage

PO Box 5329 937 Chetco Ave., Bldg. D Brookings, OR 97415
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