MORTGAGE CHECKLIST

Documentation Required

All Borrowers:

• Cashier’s Check made payable to Community Trust Bank for the appraisal fee (Prior to the appraisal appointment being set)

• Most recent two years signed personal tax returns with all schedules and statements

• Asset Statements are required to verify Ability to Repay. If you have any of the following accounts: Checking, Savings, 401-K or Investment Account, you need to supply copies of your most recent two months statements or last quarterly statement. All statements are required to have bank name, date, borrower’s name, address and account number.

• Copy of Photo ID

• If you own additional properties, you must provide a copy of the homeowner’s insurance policy listing the annual premium, a copy of tax bill for each property, and flood insurance declaration pages if applicable.

• If you have a deferred student loan, we need a statement showing what your future payment will be.

• If you receive or pay child support or alimony payments, we will need a copy of your divorce decree and separation agreement along with proof of 6 months receipt.

• If you have a QUIT CLAIM DEED, we will need a copy of your divorce decree.

• In House Loans: If any derogatory credit is listed on your credit report from the last two years, a signed explanation will be required.

• Manufactured Homes - Original title required

 

Employed Borrowers:

• Most recent two years W2’s

• Paystubs covering wages for the most recent full month (last 30 days) for all borrowers. The year-to-date amount, borrower’s name, and employer’s address and phone number must be listed on the paystub.

• Self Employed Borrowers will need signed copies of most recent two years individual tax returns with all schedules, business returns and K-1’s as applicable (Partnership, S-Corp, etc.).

• Non-Employed Borrowers (Ex: Social Security, Retirement, Pension, etc.)

• Most recent two years 1099’S with the current year award letter as applicable

 

Purchase Loans

• Homeowner’s insurance binder showing expiration date and annual premium

• Original purchase contract signed by all parties

• Recorded copy of the current owner’s deed to the property that is being mortgaged

• If any of the down payment money is from the sale of property, a copy of the Closing Disclosure is needed.

• If any of the down payment money is a gift from a relative, an original gift letter is needed as well as a copy of the deposit receipt showing the money has been deposited into your account

 

Refinance Loans

• Homeowner’s insurance declaration page showing expiration date and annual premium

• Recorded copy of deed to the property that is being mortgaged

• Copy of statement(s) showing account numbers, phone number and address of any liabilities to be paid in closing

• Copy of most current city, school and/or county property tax bills

 

Construction Loans

• Recorded copy of the current owner’s deed to the property that is being mortgaged

• Copy of signed estimates on construction and/or contract. The estimates must have the contractor’s company name, contact info, customer’s name, and property address. The estimates cannot be handwritten and cannot be produced by the borrower. The borrower and the contractor/salesman must sign & date each estimate or quote.

• Copy of plans/blue prints: The plans/blue prints will be returned after the appraisal is completed. Hand drawn floorplans will not be accepted.

• Builder’s risk insurance will need to be obtained showing expiration date and annual premium.

OTHER RESOURCES AND TOOLS: