Documents Required for a Home Mortgage
Below is a list of documents that are required when you apply for a home mortgage. Keep in mind that every situation is unique, and you may be required to provide different documentation from this list. If you have any questions, call us at 866-697-0101.
1. Credit History
When you apply for a mortgage, we access your credit report to know how credit worthy (or risky) you are as a borrower. Borrowers with high credit scores are more likely to qualify for a larger loan, better loan options, and a more favorable interest rate. To access your credit history, we will need your Social Security number and date of birth.
2. Your Property Information
We will need information about your current property, and/or the property you intend to purchase with the mortgage. Documentation may include:
- A copy of signed sales contract
- Verification of the deposit you placed on the home
- Names, addresses and telephone numbers of all realtors, builders, insurance agents and attorneys involved in the purchase
- Copy of Listing Sheet and legal description if available.
- You may also need to provide condominium declaration, by-laws and most recent budget, if the property is a condominium or part of a homeowners association
- Possibly other documents
3. Proof of Income
We will require proof of your current income sources. Documentation may include:
- Copies of your pay-stubs for the most recent 30-day period and year-to-date
- Copies of your W-2 forms for the past two years
- Names and addresses of all employers for the last two years
- Letter explaining any gaps in employment in the past 2 years
- Work visa or green card (copy front & back), if applicable
- Tax returns for the last two years if self employed
- Profit and Loss statement, K-1, Federal Partnership (1065) and/or Corporate Income Tax Returns (1120) including all schedules, statements and addenda for the last two years, if you own a business
- Other possible documentation to verify income
If you don’t have all of these documents, don’t worry. We may be able to recommend a loan program that works for you, no matter your situation.
4. Source of Funds for your Down Payment
This could include the sale of your existing home, savings, checking or money market funds, stocks and bonds, gifts, etc.
5. Copy of Homeowners Insurance
Homeowner's insurance is used to verify sufficient coverage on the property you will be purchasing.
6. Copy of Title Insurance
Title insurance protects a buyer against any errors in the title of the property. Having a copy of your title insurance will help verify the legal description of the property, the taxes, and the names of the owners.
7. Debt or Obligations
Documentation of debt or other obligations could include:
- Details of all current debts with copies of the last three monthly statements
- Details of mortgage holders and/or landlords for the last two years
- Alimony or child support, including marital settlement/court order stating the terms of the obligation
This list covers many but not all situations. Once you've begun the loan process, our loan experts will let you know exactly what documentation you'll need to get approved.
If you would like to learn more about the process of getting a home loan, call us at 866-697-0101 or contact us to talk to a loan expert.