Documentation needed to cosign a mortgage application

8 months ago
last modified: 8 months ago

My stepdaughter has asked us to cosign her mortgage application. I don't object in principle, but it seems that the required documentation is excessively invasive. Here is forwarded email message I got:

<start of message>

The link to do the online application is

From your parents we are going to need the following documents

  • Social security awards letter for 2021
  • 2 months account statements (ALL pages of the account statements) for a few of your major banking, investment and retirement accounts. If issued quarterly, then just the latest statement (ALL pages)
  • 2019 and 2020, 1099’s
  • A copy of the latest monthly mortgage loan statement
  • Date of Birth
  • Pension information
  • IRA monthly distributions
  • Latest real estate tax bill
  • Declaration page for your present homeowner’s insurance policy, showing your coverage levels and the annual insurance premium on your current home.
  • Homeowner’s association dues (if applicable)

For you:

  • Bank statements
  • 2020 and 2019 W2 or 1099’s
  • 2020 and 2019 tax returns.

Please let me know if you have any questions.

<end of message>

I didn't see a place to upload this information, just a full mortgage application. Does this seem normal? BTW, we have no mortgage of our own. The reason she wants this is that her job switched her to independent contractor status during the pandemic. As an independent contractor, she is earning enough, but doesn't have two years worth of income tax statements to back that up. In two years, she is planning to refinance. She has enough cash for a 50% down payment.

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