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Checklist of Required Items when Applying for a Mortgage

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The headline and subheader tells us what you're offering, and the form header closes the deal. Over here you can explain why your offer is so great it's worth filling out a form for.

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Tags: Home Buying & Selling, Veteran & Military Programs, First Time Home Buying

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Applying for a mortgage loan requires what seems like an endless amount of paperwork and documentation. Lenders require proof of every aspect of your financial situation including taxable income, assets, rent payments, and more.

Personal Information 

  • Social security numbers for anyone listed on the loan
  • Driver’s license
  • Home addresses for the past two years
  • Account numbers and balances for checking, savings, retirement, and credit card amounts
  • A purchase contract if applicable for the home you’re buying

Proof of Income 

  • Paycheck stubs detailing a month of income.
  • W-2s from the past two years
  • Federal income tax returns
    • These are reviewed for unreimbursed business expenses and self-employment business losses.Calculator paper

    Evidence of other income you receive

        • Child support orders, Social Security or Pension award letters

    Assets 

        • Checking and savings account statements for the past two or three months
        • Stocks, bonds, and mutual funds statements for two months
        • Latest 401K statement

    Gift letter

        • If a family member gives you cash toward a down payment on the loan, you need to provide a letter from the giver saying the gift isn’t a loan. A copy of the giver’s bank account statement showing the funds and a canceled check could also be requiredpresent

    Payment History

    • If you’re renting, you must supply a year of canceled checks and bank statements showing rent was paid on time. If this information isn’t available, you can provide the landlord’s name and contact information for verification.

    Information on consumer debt

    • Credit cards, car loans, student loans, department store credit cards
    • Divorce settlement papers
    • Explanation of any flaws on your credit report including late payments, liens, judgments, recent credit inquiries.

     

    To speed up the mortgage application process, bring in the documents early and make sure every page of every document is provided. Don’t cross out or white out any information and be ready to supply updated documents if its been more than two months since you submitted the original documentation.

     

    Read: 5 Credit Mistakes That Could Keep You From Getting A Mortgage 

     

    Have more questions about the next steps in applying for a mortgage? Let us help!

     

    Your Next Step 

     

    Canceled checks for rent and/or utility bills