Documents Needed When Applying For A Mortgage

What You Will Need When Applying for a Mortgage. Being prepared is the key to obtaining a mortgage. You are excited about owning your own home. You are tired of renting.  And you have worked hard to establish a credit score/history. Now you are ready to discuss loan options with a lender. This post will prepare you for your meeting with a local lender. Your first meeting will be to pre-qualify you for a loan and determine your “price range”. How much you want to spend each month on your loan payment? What amount is best in your budget?  Knowing your comfort zone on price range for your home search will help you and your Gainesville Realtor when you start looking at homes.

Knowing what documentation the lender will be needing make you a proactive home buyer. Having the documentation available to your lender will ensure the process is as smooth as it can be. Don’t stress!  You should consider your lender, loan officer, and Realtor to be “your team” to help you buy your home.  Here is a generic list of the documents you will need to have handy when ready to begin the home loan process.

Required Mortgage Information:

Based on the current qualified mortgage rule, there are certain documents that your loan officer will ask for when you meet. Some lenders may require more information – depending on your situation, type of loan program, and their lending/underwriting policies.

• Primary identification for Patriot Act compliance (i.e. driver’s license)
• Secondary identification (Social Security Card, passport, employer photo ID)
• Work history for last 2 years (Name, address, and phone # of employer)
• Home address for last 2 years
• Name, address, and phone number for verification of timely payments
• Pay stubs for last 2 pay periods
• Bank and Investment statements for last 2 months
• Full tax returns and W-2 forms for last 2 years
• If self employed, have these documents ready also:
  • 1099 for last 2 years
  • Form 1120S
  • Both personal and business full tax returns for last 2 years
  • Proof of self-employment
  • Current balance sheet and income statement of your business
• If retired or disabled, the following documents need to be available:
  • Pension award letter
  • Social security award letter
  • Supplemental security income benefits
  • Permanent disability award letter
  • Recent retirement account statement

Additional Loan Documents:

These are all documents that you should have access to in-case your lender wants to see them during the mortgage underwriting process. Some of these items you will need regardless of the type of loan requested while others may only be necessary based on the loan type. Have as many of these documents in your possession and avoid possible delays. This is a good list of additional loan documents you may need to provide to the underwriters during your loan processing/approval.

• Veterans Certificate of Eligibility (VA Loans Only)
• DD 214 or statement of military service (VA Loans Only)
• Written salary & employment contract verification from your employer’s human resource department
• Some lenders call your employer during the underwriting process to ensure you are still employed
• Cancelled rent/utility checks
• Bankruptcy documentation
• Gift letter
• Divorce decree or separation agreement
• Child support payments receipt
• Alimony/Palimony payments receipt
• Current IRA/Retirement/401K statements

Prepare to have the documents needed when applying for a mortgage and will speed up the process!

The goal is that you will become a Home Owner!