Looking for a Mortgage Home Loan?
The Short and Sweet of Home Loan Documentation
When applying for a home loan, it is a good idea to start collecting the common documents requested for your approval.
By providing the following documents, a confident assessment of you as the borrower can be made; the documents will indicate what
you can and cannot do with a very high level of certainty.
The Common Documents Requested …
Identification:
- Government Photo ID, such as Driver’s License or Passport
- Used to simply prove you are who you claim to be.
Income:
- Paystubs covering the most recent 30 days
- Used to gauge current earnings
- Awards Letters/Documentation for Other Sources of Income
- Used to gauge current recurring income
- Most Recent 2 Years Tax Returns, all schedule, all pages
- Used to gauge the consistency of your annual income.
- Most Recent 2 Years W-2s and/or 1099s if applicable
- Used to document the specific sources of your earned income.
Assets:
- Asset Statements, all pages; covering the most recent 60 Days. i.e Bank Statements, etc.
- Used to identify the source of your down payment, as well as calculate the months you could hold in reserves in case of an emergency.
- Gift Letters provide the Donor’s name, their relationship to you, the amount of the gift, and the source of the gift.
- Used as written confirmation the money is a gift and not a loan from an allowable source.
Credit:
- Credit History. Options:
- com will provide free credit history report.
- With your permission, we can pull your credit report.
- Used to identify your willingness to repay your loan. Be prepared to explain any blemishes on your report. A Lender may view a one-time unavoidable circumstance different than habitual delinquencies.
- Renting History – Document a year’s canceled checks & Landlord Letter.
- Used to show a history of on-time payments. Important to support your credit history.
- Used to show a history of on-time payments. Important to support your credit history.
Your financial situation is unique; therefore, additional documents may be requested.
Next Step: Can You Afford To Buy A House?
