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 preparing 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 …

 

  1. Paystubs covering the most recent 30 days

    • Used to gauge current earnings
  2. Awards Letters/Documentation for Other Sources of Income

    • Used to gauge current recurring income
  3. Most Recent 2 Years Tax Returns, all schedule, all pages
    • Used to gauge the consistency of your annual income.
  4. Most Recent 2 Years W-2s and/or 1099s if applicable
    • Used to document the specific sources of your earned income.
  5. 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.
  6. 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.
  7. 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.
  8. Government Photo ID, such as Driver’s License or Passport
    • Used to simply prove you are who you claim to be.
  9. 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.

 

Your financial situation is unique; therefore, additional documents may be requested.

 

Next Step: Can You Afford To Buy A House?