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Document Checklist

Important Information and Items Needed To Process Your Loan For Underwriting Review

VERY IMPORTANT ***Do not change your employment status, employer, open new credit or make  large purchases on credit while applying for a mortgage.  Doing so could at the least cause the need for you to provide more paperwork and delay your closing, or cause your loan to fall out of an approval status.

TIMELINE - We will be on a very tight timeline when your rate is locked in so to protect you from missing contract deadlines, future rate lock extension fees or relock costs, we must receive the documents listed below within 3 business days of the date of your rate lock.  Therefore, it would be a great idea to locate the itmes in the list below prior to applying for the mortgage.     

SECURITY - We will provide you with a secure document center within our web portal where you can receive documents from us and electronically sign loan disclosures.  You can also upload your financial documents and any other documents needed to process your loan.  You also have the option to fax your documents to us if that's a better option for you.  **Email isn't a safe way to send us your personal and sensitve documents.  We are very serious about protecing our cilents information.   



Income Documents Required For A W-2 Employee:

  1. Paystubs for the past 30 days with employer name, your name and YTD totals.
  2. W-2’s for the past two years.
  3. Signed and dated filed federal tax returns for the past two years and proof of extension if applicable.
  4. Pension income: Current income statement and recent 2 years of 1099-R's.
  5. Social Security Income: Current benefit statement and recent 2 years 1099-Rs. **You can set up an online account with SSI to get access to these documents if needed.

Income Documents Required For Business Owners:

  1. Paystubs for the past 30 days with employer name, your name and YTD totals.
  2. W-2’s, 1099’s for the past two years.
  3. Signed and dated personal and business federal tax returns for the past two years required.
    1. If you file a schedule K-1 income or loss, we will need the actual K-1 for each business to prove your ownership percentage.
    2. Provide any amended federal tax returns for the past two years if applicable.  
    3. Proof of tax extension needed for any returns not filed by initial deadline.
  4. Provide copy of current business license or your current Secretary of State Registration for your business.
  5. Poof closed businesses have been dissolved with the GA Secretary Of State


  1. 2 months recent bank statements with all pages for each account listed on the application. 
  2. 6 months reserves required on investment property loans, but only 2 months reserves required for non-subject property REO's (Real-estate owned). 
  3. If using retirement accounts for assets, any loans agains the account will require the loan terms.
  4. Gift funds can only come from a family member and require the use of our specific gift letter.  Funds must be paper trailed from the donor’s bank account to yours.


  1. If purchasing a home, start the process of applying for home insurance as soon as you're under contract and send us the quote.
  2. Companies you may want to contact for quotes if you are shopping around for your insurance: 
    US Standard Ins.
    Auto Home Life
    (678) 494-4511
    Maddi Williams Ext 8
    Or Option #1 for sales
    Farmers Insurance
    Home Insurance
    (404) 400-3486
    Gorav Gandhi
    (404) 775-3479 Mobile
    Allstate Insurance Co.
    Auto Home Life
    (678) 455-8606
    Dean Barnard
    Or anyone on his team
  3. Homeowner's Insurance Declarations page on all REO's (Real-Estate Owned).
  4. Property Tax bills required for all non-subject property REO's.
  5. Current mortgage statement for all mortgages and HELOC’s on all REO's.
  6. Copy of the signed Note or HELOC “Agreement” needed for subordinate liens remaining on property after refinance.
  7. HOA Name, Address and Phone Number or Property Management Company on all REO if refinancing. 

Purchase Contract:

  1. Fully executed sales contract and any amendments or other agreements and certification.
  2. Front and back copy of cleared Earnest Money Check.
  3. A full bank account transaction history to cover the period from the current bank statement through to the date the earnest money check cleared your account.

Previous Divorce:

  1. If any party on the application has been divorced, provide a copy of their “Recorded Final Divorce Decree” and any "Settlement Agreements" referenced in the divorce decree.

Proof Of Identification:

  1. Driver’s License. 
  2. Green Card or proof of valid work Visa if applicable.

Letters Of Explanations (as applicable):

  1. All unidentifiable large deposits on your bank statements greater than 50% of your monthly income will need to be paper trailed.  This is due to the Federal Patriot Act and Bank Secrecy Act/Anti-Money Laundering regulations passed by congress.
    1. Signed and dated letter of explanation for each deposit needing to be sourced as described above
    2. To paper trail your deposits, we will need the following for each type of deposit:
      1. A Check: Front and back of the canceled check and deposit slip if multiple deposits were made at one time. 
      2. Transfer of Funds: The recent complete bank statement for the originating account and complete transaction history if needed.  As well as proof of large deposits on the statements if any.
      3. Cash: Deposit slip and explanation of the deposit as described above. (Cash cannot be allowed in a mortgage transaction)
  2. For all asset statements where there is a joint account holder who is not on the loan, we will need the following letters:

    For A Refinance:  We need a typed, signed and dated letter from the joint account holder(s).   In the letter have them state their relationship to you and if they grant you full access to the entire funds in the account to be used for the settlement charges and reserves as needed for this transaction.   They need to state if the funds need to be replenished or not.  The letter must contain their name, your name, the name of the bank and full account number.

    For A Purchase: Same as above but the signed and dated letter must be from you with an added comment of how long they have lived with you and whether they plan on living with you in the home being purchased.    

  3. For Cash Out transactions, we will need a signed and dated letter explaining the purpose of your cash out and whether the cash out will or will not cause you to incur future debt.

Funds Needed To Close:

  1. Pursuant to Georgia law (O.C.G.A Section 44-14-13, the "Good Funds" law), funds for closing must be remitted as follows:

    1. $0.01 - $999.99 = a personal check or certified funds (no money orders allowed) or a wire.
    2. $1,000 - $4,999.99 = a wire or certified check (no personal checks allowed).
    3. $5,000 + = WIRE ONLY.


1st Rate Mortgage Services, LLC NMLS #216585
327 Dahlonega St., Suite 104 B, Cumming, GA  30040
Office:  (470) 839-8777
Copyright © 2018 1st Rate Mortgage Services, LLC
A Georgia Residential Mortgage Licensee #32549
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