Online Loan Application Documentation List

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Review the following list for items that apply, they will be required by Cornerstone Mortgage to complete the processing and approval of your residential home mortgage. Please send us copies of all that applies via fax, email or regular mail as soon as possible after you have submitted your application. You will need to call Cornerstone for the required documentation on Commercial Loans as the following list does not apply.

We will need on all loans

  1. Application fees: We will be responsible for any of the following to be paid out of our application fees; credit reports appraisals. Fees may range from $350. - $600.+ for 1-4 family properties. Please ask us for your required fee amount. Cornerstone policy is we must receive the application fee in 5 business days of a submittal or the file will be de-activated

The Following is Fannie Mae/Subprime Required

  1. Name and Address for all land lords.
  2. Pay stubs covering the last consecutive 30 days (this depends on how many paydays you have each month).
  3. Down payments and closing costs require 2 bank statements for each account (to be used for down payment and closing costs), including most current statement for any 401K, VIP's, retirement or stock listed on application.
  4. W-2's for the last 2 years.
  5. Rental agreement if using rental income to qualify.

Purchase

  1. Signed Sales Contract.
  2. Copy of canceled check given as earnest money deposit or bank statement showing check paid out.
  3. Insurance agent you will be using on the property.

Refinance

  1. In cases of refinancing- if you have a copy of the original survey done at the time of purchase of your property; we may be able to use that and save you that charge.
  2. We could use the year-end statement you receive from your mortgage company in January to show the proper distribution of taxes, insurance, principal paid each month.
  3. Copy of your homeowners insurance, insurance agent name, company and phone.
  4. If you will be receiving cash-out, we will need a statement giving the intended use for the cash.

Divorce or Child Support

  1. Divorce Decree/Separation agreement if obligations exist.
  2. Divorce/Separation decree if relying on this type of income.
  3. Divorce decree if child support is being paid or received.

Judgments

  1. In cases of a bankruptcy, we will need the bankruptcy documents and discharge, in case of other judgment or court action we need any documents to show it has been taken care of and/or an explanation of what occurred.

Income not on W-2's

  1. Income taxes (1040's) with all supporting schedules and signatures for the last 2 years, in cases where:

Second Mortgage involved

  1. Whenever you currently have a 2nd mortgage we will need the signed note to show the terms of the loan and if it is an equity line of credit or true mortgage loan with installment payments.
  2. If you are applying for second mortgage, we will need a copy of the note on the 1st mortgage.

 

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