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

n
Paystubs for the past 30 days
W-2 statements for the past 2 years

Salaried employees, with additional income (commission, self-employed
in a second job, etc.)


Paystubs for the past 30 days
W-2 statements for the past 2 years
Personal tax returns for the past 2 years, with all schedules
K-1 form if partnership is indicated on Schedule E
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:
12-month profit & loss statement for that tax year
Copy of the executed extension document (all pages)
If today’s date is more than 120 days after the business’ fiscal year end, Year-to-date profit & loss statement for current year

Self-employed

n
Personal tax returns for the past 2 years, with all schedules
K-1 form if partnership is indicated on Schedule E
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:
12-month profit & loss statement for that tax year
Copy of the executed extension document (all pages)
If today’s date is more than 120 days after the business’ fiscal year end, Year-to-date profit & loss statement for current year

If borrower receives interest, dividend, or retirement income


Personal tax returns for the past 2 years, with all schedules
Bank /institution statements for the past 2 months or most recent quarter

If borrower receives Social Security

n
Most current benefit awards letter or SSA 1099 or most current 30-day bank statement reflecting automatic SSA deposit

If borrower receives disability

n
Most current benefits awards letter or SSA 1099
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

Assets

For any bank or institute holding assets that will be used to qualify for the loan, including checking, savings, Individual Retirement Accounts (IRAs), Certificates of Deposit (CDs), 401(k), Keogh account, cash value of insurance policy, stocks, bonds


Bank /institution statements for the past 2 months or most recent quarter

If a cash gift will be used for a portion of the down payment or closing costs


Copy of gift letter from a family member or friend indicating the amount and purpose of the gift and that the gift is not expected to be repaid
Receipt for the gift money, such as a bank statement showing that gift has been deposited
If the gift has not yet been received, but will be used to qualify for the loan, borrower will be asked to provide above documents before closing.

Liabilities (Debts)

Borrowers who rent their home


Any locations where borrower has rented in the past 2 years
Property address
Name and address of landlord
Monthly rent

Other

Property


If borrower has finalized a purchase agreement, bring:
Copy of the signed purchase agreement
Copy of earnest money receipt
If a property has not yet been found, borrower will be asked for these items before closing.

Borrower


A copy of all pages of the divorce decree for any borrower who is:
Paying maintenance /child support
Receiving maintenance /child support
Omitting a debt due to ex-spouse responsible for payment

Bank of America, N.A., Member FDIC 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 00-62-1881NSB AR6402A4

Mortgage Application Checklist (Continued) Page 2