When you’re getting ready to apply for a home loan, there are several pieces of information you’ll want to have handy and may need to submit along with your application. This helps your mortgage lender verify your identity, your income, and your debts.
We know that this list can seem overwhelming, but we think preparation and knowing what to expect upfront can help to reduce stress in the long run. It’s also important to note that depending on your personal financial situation, your lender may ask for more documentation as part of the processing and loan approval process.
To be Pre-Qualified, applicants will need:
- Copies of Driver’s License or Permanent Resident Card (front and back)
- Copies of paycheck stubs for last 30 days (most current)
- Copies of W2’s for last two years
- Copies of tax returns for last two years
- Copies of checking and savings account statements for last two months (all pages)
- Copies of quarterly or semi-annual statements for checking, savings, IRAs, CDs, money market funds, stock, 401K, profit sharing, etc.
- Divorce Decree if applicable.
- Business Owners:If you own 25% or more of a business, you’ll need the last two years of company tax returns.
- Relocating: If your move is financed by your employer we may need a Relocation Agreement; i.e. buyout agreement plus documentation outlining company paid closing costs benefits.
- Bankruptcy in the last 7 years? Please provide copies of petition for bankruptcy and discharge, including supporting schedule.
- Retired? We’ll need documentation supporting monies received from social security/retirement trust income, i.e. copies of direct deposit bank statements, award letter, evidence that income will continue.
If you’re applying for a VA Home Loan, we may also need the additional documents:
- VA Loans: original certificate of eligibility and copy of DD214 discharge paper
- VA Loans: name and address of nearest living relative
- VA/FHA Loans: Amendatory Clause
To help make the application process as easy as possible, we recommend gathering the above documents before starting the online application. We know you may not have all of these items readily available at your fingertips, and pulling in the middle of your online application can be an added headache.