Checklist for Mortgage Applications

Checklist for Mortgage Applications

✅ Residential Mortgage Loan Checklist

Capital City Mortgage | Borrower Document Checklist

📄 PERSONAL INFORMATION:

  •  Valid government-issued photo ID (Driver’s license or passport)

  •  Social Security Number (or card, if requested)

  •  Marital status and number of dependents

  •  Two-year residential history (with landlord contact info if renting)

💼 EMPLOYMENT & INCOME:

  •  Pay stubs for the past 30 days

  •  W-2 forms for the past 2 years

  •  Tax returns (1040s) for the past 2 years (signed)

  •  Year-to-date profit and loss statement (if self-employed)

  •  Business tax returns (if self-employed or own >25% of business)

  •  Social Security, pension, or disability income documentation (if applicable)

  •  Alimony or child support documentation (if you wish to include this income)

💰 ASSETS:

  •  Bank statements (checking, savings) for past 2–3 months

  •  Retirement accounts (401(k), IRA) – most recent statements

  •  Stocks, bonds, or investment account statements

  •  Gift letter (if funds for down payment are from a gift)

  •  Documentation of large deposits (explain source)

🏠 PROPERTY INFORMATION (if available):

  •  Fully executed sales contract (with all addendums)

  •  Contact information for Realtor and Title Company

  •  Homeowners Insurance agent name & quote

  •  If refinancing – current mortgage statement and homeowners insurance

📉 CREDIT & DEBT:

  •  Explanation letter for any late payments, collections, or derogatory credit

  •  Divorce decree (if applicable)

  •  Bankruptcy discharge papers (if applicable)

📝 ADDITIONAL (Upon Request):

  •  Letter of Explanation for employment gaps

  •  Verification of Rent or Mortgage

  •  Student loan documentation

  •  Visa or Permanent Resident Card (if not a U.S. citizen)

Here is a DSCR Mortgage Loan Checklist tailored for Real Estate Investors applying for a Debt Service Coverage Ratio (DSCR) Loan through Capital City Mortgage:

✅ DSCR INVESTOR LOAN CHECKLIST

Capital City Mortgage | Investor Document Checklist
(No Income or Employment Verification Required – Property Pays for Itself!)

📄 PERSONAL INFORMATION:

  •  Valid government-issued photo ID (Driver’s license or passport)

  •  Social Security Number or EIN (if using LLC)

  •  Entity formation documents (if purchasing under an LLC, Corp, or Trust)

  •  Operating Agreement (if applicable)

  •  Articles of Incorporation (for LLC/Corp buyers)

  •  Certificate of Good Standing (within 30 days)

🏠 PROPERTY DOCUMENTS (SUBJECT PROPERTY):

  •  Fully executed Purchase & Sale Agreement

  •  Rent Roll (actual or market rent projection)

  •  Lease Agreement (if tenant-occupied)

  •  Property Management Agreement (if applicable)

  •  Property insurance quote or existing policy

  •  Recent Appraisal (if already ordered)

  •  Title Company contact information

  •  Survey (if required by title or lender)

💼 BORROWER FINANCIALS:

  •  2 months personal and/or business bank statements (for reserves/down payment)

  •  Documentation showing source of down payment

  •  Credit report authorization

  •  VOM (Verification of Mortgage) or mortgage history (if owning other properties)

📊 DSCR-SPECIFIC REQUIREMENTS:

  •  DSCR Calculation (Lender will use monthly rent ÷ PITIA)

  •  Minimum DSCR typically ≥ 1.0 (confirm specific lender guidelines)

  •  Appraisal with 1007 Rent Schedule & Operating Income Statement (Form 216)

📦 PORTFOLIO INVESTORS (IF OWNING OTHER PROPERTIES):

  •  Schedule of Real Estate Owned (SREO)

  •  Proof of ownership (HUD-1, deed, mortgage statement, or tax bill)

  •  Rental income documentation or leases on other properties

  •  Mortgage statements for other investment properties

🧾 KEY REMINDERS:

  • DSCR Loans focus on property cash flow, not personal income

  • Many lenders allow Airbnb/Short-Term Rentals with documented income

  • Reserve requirements vary by lender (typically 3–6 months of PITIA)

  • Fast closings available – be responsive and submit all items promptly

📧 Capital City Mortgage | Your DSCR Loan Experts
Let the property qualify—not your paycheck.

✅ NEW CONSTRUCTION LOAN CHECKLIST

Capital City Mortgage | For Real Estate Investors
Build from the Ground Up with Confidence

📄 BORROWER INFORMATION:

  •  Government-issued photo ID (driver’s license or passport)

  •  Social Security Number or EIN (if using a business entity)

  •  Entity formation documents (LLC/Corp):
      • Articles of Incorporation
      • Operating Agreement
      • Certificate of Good Standing (within 30 days)

🏗️ PROJECT INFORMATION:

  •  Executed Purchase Contract for the Lot

  •  Copy of Recorded Deed (if already owned)

  •  Survey of the Lot (updated and legible)

  •  Site Plan / Plot Plan

  •  Full Set of Building Plans (signed by architect/designer)

  •  Construction Budget (itemized cost breakdown)

  •  Builder’s Contract (including timeline and payment draw schedule)

  •  Building Permits (or confirmation they are in process)

  •  Appraisal with "As-Is" and "Subject-to-Completion" value

  •  Environmental Report (if required based on location)

🧱 BUILDER INFORMATION:

  •  Builder Resume / Experience

  •  Builder’s License and Insurance

  •  List of recently completed projects

  •  References (past clients or lenders)

💰 FINANCIAL DOCUMENTS:

  •  Proof of Funds for Down Payment and Closing Costs

  •  Two most recent personal and/or business bank statements

  •  Credit report authorization

  •  Schedule of Real Estate Owned (if applicable)

  •  Existing mortgage statement on any properties used as collateral (if cross-collateralizing)

📋 CONSTRUCTION DRAWS & INSPECTIONS:

  •  Draw Schedule (typically 5-7 phases)

  •  Lien Waivers (required at each draw stage)

  •  Draw Inspection Requirements (provided by lender or 3rd party)

🛡️ INSURANCE & TITLE:

  •  Builder’s Risk Insurance Policy (naming lender as mortgagee)

  •  Title Commitment or Preliminary Title Report

  •  Title Company Contact Information

🧾 IMPORTANT NOTES:

  • Most lenders require borrower equity of 10%–20% of total project cost

  • Loan typically covers land acquisition + construction

  • Funds are released in draws as construction progresses

  • Completion timeline must be within 12–18 months (project-dependent)

📧 Capital City Mortgage | Construction Lending Experts
Let’s fund your next build—from dirt to door keys.


✅ HOME IMPROVEMENT / HELOC FULL DOC LOAN CHECKLIST

For Owner-Occupied Properties
Capital City Mortgage – Tap Into Your Equity with Confidence

📄 PERSONAL INFORMATION:

  •  Valid government-issued photo ID

  •  Social Security Number

  •  Date of Birth, Marital Status, and Number of Dependents

  •  2-Year Residential History

💼 EMPLOYMENT & INCOME DOCUMENTATION:

(For Fully Documented Loan Qualification)

  •  Most recent 30 days of pay stubs

  •  W-2 forms for the last 2 years

  •  Federal Tax Returns (1040s) for the last 2 years – signed

  •  Year-to-date Profit & Loss (if self-employed)

  •  2 Years Business Tax Returns (if self-employed)

  •  Social Security, Pension, or Disability Award Letters (if applicable)

  •  Alimony/Child Support (if included for income qualification)

💰 ASSET VERIFICATION:

  •  Bank Statements (2 most recent months) – checking/savings

  •  Retirement/Investment Account Statements (if using for reserves)

  •  Explanation for large or unusual deposits

  •  Gift Letter (if funds will be gifted)

🏠 PROPERTY INFORMATION (OWNER-OCCUPIED):

  •  Mortgage Statement for subject property

  •  Homeowners Insurance Policy (Declarations Page)

  •  Property Tax Bill (most recent)

  •  HOA Dues Statement (if applicable)

  •  Recent Appraisal or allow lender to order one

  •  Contractor’s Estimate / Scope of Work for Improvements (if loan is for remodeling)

  •  Proof of Permit Application (for major renovations, if required)

📉 CREDIT & LIABILITY ITEMS:

  •  Authorization to Pull Credit

  •  Letter of Explanation for any derogatory credit (if applicable)

  •  Divorce Decree (if applicable)

  •  Bankruptcy Discharge Papers (if applicable)

  •  Student Loan Documentation (if deferred or income-based)

🔐 HELPFUL TIPS:

  • Max Loan-to-Value (LTV) is typically 80%–90% depending on product

  • Renovation estimates should be detailed and itemized

  • Home equity loans can fund repairs, remodels, debt consolidation, or investments

  • Some lenders allow HELOCs behind existing mortgages; others require refinance

📧 Capital City Mortgage | Equity-Based Lending Experts
Make Your Home Work for You—Improve, Invest, and Elevate.


✅ COMMERCIAL LOAN CHECKLIST

Capital City Mortgage | For Investment Purchase or Refinance
Flexible Solutions for Office, Retail, Mixed-Use, Warehouses, and More

📄 BORROWER/ENTITY INFORMATION:

  •  Valid government-issued photo ID (for all guarantors)

  •  Social Security Number or EIN

  •  Resume or bio highlighting real estate or business experience

  •  Entity Formation Documents (if borrowing in an LLC, Corp, or Trust):
      • Articles of Incorporation or Organization
      • Operating Agreement or Bylaws
      • EIN Letter from IRS
      • Certificate of Good Standing (within 30 days)

🏢 PROPERTY INFORMATION:

  •  Executed Purchase and Sale Agreement (for purchases)

  •  Existing mortgage statement (for refinance)

  •  Recent rent roll (if property is leased)

  •  Leases and terms for all tenants

  •  Property Operating Statements (T12 or year-to-date)

  •  Utility bills (optional, may be requested for certain property types)

  •  Property tax bill (most recent)

  •  Insurance declarations page

  •  Property photos (interior/exterior)

📊 FINANCIAL DOCUMENTS:

  •  Two years personal tax returns (for all guarantors)

  •  Two years business tax returns (if applicable)

  •  Year-to-date P&L and balance sheet (if entity has ongoing operations)

  •  Three months bank statements (personal and/or business)

  •  Schedule of Real Estate Owned (SREO)

  •  Proof of down payment or equity source (bank statements or HUD from previous sale)

📝 LOAN-SPECIFIC REQUIREMENTS:

  •  Loan Purpose Statement (brief explanation of use: purchase, refinance, cash out, etc.)

  •  Appraisal (will be ordered by lender, but you may submit recent third-party copy if available)

  •  Environmental Phase I Report (if requested based on use/location)

  •  Title Report or Title Company Contact Info

  •  Business Plan or Pro Forma (for new developments or value-add projects)

📋 ADDITIONAL (IF APPLICABLE):

  •  Purchase options or lease agreements for owner-occupied properties

  •  Contractor bids or renovation estimates (for value-add properties)

  •  Cross-collateral property info (if pledging multiple properties)

  •  Articles or documentation related to exit strategy or disposition plan

🧾 KEY REMINDERS:

  • Most lenders require 25–30% down for investment commercial purchases

  • DSCR (Debt Service Coverage Ratio) must typically exceed 1.20x

  • Non-recourse options may be available for experienced investors with strong property cash flow

  • Closing timelines average 30–60 days depending on complexity and documentation

📧 Capital City Mortgage | Your Commercial Lending Experts
Build Wealth Through Smarter Commercial Investments

✅ FIX & FLIP INVESTOR LOAN CHECKLIST

Capital City Mortgage | For Purchase or Refinance + Rehab Projects
Fast Funding to Flip It Right

📄 BORROWER INFORMATION:

  •  Valid government-issued photo ID

  •  Social Security Number or EIN (if applying under a business entity)

  •  LLC/Corp formation documents (Articles of Incorporation/Operating Agreement)

  •  Certificate of Good Standing (within 30 days)

  •  Investor Resume or Experience Summary (prior flips, real estate experience)

  •  Credit Authorization Form

🏠 PROPERTY INFORMATION:

  •  Executed Purchase and Sale Agreement (for purchases)

  •  Copy of Deed or HUD Settlement Statement (for refinance)

  •  Property Photos (interior & exterior – current condition)

  •  Preliminary Title Report or Title Company Contact Info

  •  Scope of Work (detailed line-item repair list)

  •  Rehab Budget (itemized with contractor estimates)

  •  Draw Schedule (breakdown of when funds will be requested during project)

💰 FINANCIAL DOCUMENTATION:

  •  Two most recent months of personal and/or business bank statements

  •  Proof of down payment and closing costs (seasoned funds)

  •  Schedule of Real Estate Owned (SREO)

  •  Mortgage statement (if refinancing an existing flip)

  •  Previous flip project summaries (optional but helpful for loan terms)

📊 LENDER-ORDERED ITEMS (BUT YOU MAY SUBMIT IF AVAILABLE):

  •  Appraisal with ARV (After Repair Value)

  •  Contractor License and Insurance (if using a third-party contractor)

  •  Construction Permit(s) or verification that permitting is in process

  •  Environmental Report (if required based on property condition/location)

📦 POST-CLOSING REQUIREMENTS:

  •  Builders Risk Insurance or Renovation Insurance

  •  Signed Draw Request Forms (to access rehab funds as work progresses)

  •  Photos and Invoices for Each Draw

  •  Lien Waivers (from contractors/subs at each draw release)

🧾 KEY REMINDERS:

  • Up to 90% of purchase price and 100% of rehab costs may be financed

  • Loan based on ARV (After Repair Value), not current value

  • Typically 12–18 month terms (short-term) with interest-only payments

  • Fast closings in as little as 7–14 days if all documents are ready

  • Exit strategy (resale or refinance) must be clear

📧 Capital City Mortgage | Fix & Flip Financing Pros
Buy. Renovate. Flip. Repeat.


TIP: Having all your documents ready upfront can speed up your mortgage approval process significantly!