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Mortgage application checklist ; ·1~w. ~~ ~ll J Here is a list of information and documents that each borrower should have on hand when starting a Bank of America Home Loans" mortgage application. Our Mortgage Loan Officer will review the list with each applicant to make sure they understand the specific documents requested, and we'll start working on the loan as soon as we have collected all of the required documents. As loans are processed, borrowers may be asked to bring or send in additional information. The documents required to analyze a loan application can vary according to a number of factors, including property type, loan program chosen, whether the homeowner plans to live in the home or use it as a vacation home or investment, loan amount, credit history, and other items. Our Mortgage Loan Officer will keep applicants and their real estate agents informed and work to obtain any additional information in a timely manner. During this time, of course, feel free to ask questions-we want all parties to be as clear and comfortable with the loan process as possible. Income Salaried employees o Paystubs for the past 30 days o W-2 statements for the past 2 years Salaried employees, with additional income (commission, self-employed in a second job, etc.) o Paystubs for the past 30 days o W-2 statements for the past 2 years o Personal tax returns for the past 2 years, with all schedules o K-1 form if partnership is indicated on Schedule E o Most current federal business tax returns, with all schedules (if borrower owns more than 25% of the business) If tax returns have not been filed for the most current year, and it is after 4/15: o 12-month profit & loss statement for that tax year o Copy of the executed extension document (all pages) If today's date is more than 120 days after the business' fiscal year end, add: o Year-to-date profit & loss statement for current year Self-employed o Personal tax returns for the past 2 years, with all schedules o K-1 form if partnership is indicated on Schedule E o Most current federal business tax returns, with all schedules (if borrower owns more than 25% of the business) If tax returns have not been filed for the most current year, and it is after 4/15: o 12-month profit & loss statement for that tax year o Copy of the executed extension document (all pages) If today's date is more than 120 days after the business' fiscal year end, add: o Year-to-date profit & loss statement for current year If borrower receives interest, dividend, or retirement Income o Personal tax returns for the past 2 years, with all schedules o Bank/institution statements for the past 2 months or most recent quarter If borrower receives Social Security - o Most current benefit awards letter or SSA 1099 or most current 30-day bark statement reflecting automatic SSA deposit If borrower receives disability o Most current benefits awards letter or SSA 1099 o Evidence of disability continuance (i.e., written statement from doctor) If borrower receives funds from pension, public assistance, trust, or other income* Please contact your Bank of America Mortgage Loan Officer for documentation requirements * If any monies come from sources other than listed, contact Mortgage Loan Officer for guidance. Bank of America, N.A., Member FDIC Gl Equal Housing Lender. © 2010 Bank of America Corporation. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice. 02/10 00-62-18810 AR6402A4 Bank of America ~ Home Loans
