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What You'll Need To Apply For A Mortgage
There are many different loan programs many that do not require all of the following information. A good rule of thumb is the more information available the better the rate.
To Verify Income
- W2 forms - last two years
- Paystubs - past 30 days
- Federal tax returns - past 2 years IF:
- You are self-employed
- More than 25% of your income comes from commissions or bonuses
- Own rental property
- You are employed in a career in which you might take non-reimbursed business expenses
- If self employed, year-to-Date Profit and Loss Statement
- If applicable, Corporate or Partnership tax returns
- If retired, Pension Award letter
- If recieving Social Security, Award letters
To Verify Assets
- Bank statements, all accounts - past two months
- Other investment statements - past two months
- Copy of last retirement fund statement
- Written explanation of any large deposits
- Gift letter if cash was accepted from family (may also require other proofs)
Credit Information
- Landlord's name, address, and phone number
- Written explanation of any questionable items appearing on your credit report.
- Copy of bankruptcy papers if you have filed bankruptcy within the last seven years
Other Information
- Copy of purchase agreement (If offer has already been made)
- Copy of Divorce Settlement (If applicable)
- Proof of Child Support income (If applicable)
If applying for government backed loans, you will also need the following:
FHA Loans
- Copy of Social Security Card
- Copy of Driver's license
VA Loans
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