As you undertake the home loan process, there is a list documents that your Loan Originator will typically need to have you and your co-borrower, if applicable. You could be one step ahead by having those documents ready. Here is a list to get you started. Note that additional documents may be needed later in the process.
Identity Verification
- Full legal name, Social Security number and birth date for all borrowers on application
- Phone number, email address, and current and former residential mailing addresses over the last two years
- Driver’s License or Government-issued photo ID for all borrowers on application
- Name, addresses, and phone numbers of all employers over the last two years
Income Verification
- Primary and secondary income amounts and sources
- Name, addresses, and phone numbers of all employers over the last two years
- Pay stubs covering the last 30 days
- Written explanation if employed less than two years or employment gap exists within the last 2 years
Income Verification – Self-Employed
- Federal tax returns, personal and business, including all Schedules, K1’s, etc., for the past 2 years
- Profit and loss statement – year-to-date
Purchase Property Information
- Copy of Signed Purchase Agreement-All pages and all counteroffers
- Closing Agent contact information
- Copy of Deposit Receipt
- Contact info for Listing and Selling Agent
- Address of property being purchased, year built, estimated down-payment amount and purchase price
- Estimates of annual property taxes, homeowner’s insurance and any homeowner association dues
Asset & Bank Documents
- Values of bank, retirement (401k, IRA), investment (Stocks, CDs), and other asset accounts
- Monthly debt obligations
- Last 2 months’ statements for all accounts listed on the application (include all pages of the statement, including ones that are blank)
- Explanation and documentation for any large or unusual non-payroll deposits or withdrawals
Tax Documents
- IRS Form 4506-T – Request for tax transcript, completed, signed and dated
- W-2s for the past two years
- Federal tax returns (1040s) for the past two years (all pages are needed)
Mortgage Verification/Homeowner’s Insurance
- Mortgage Statement(s) for all existing mortgages for Primary Residence
- Homeowner’s Insurance Declaration page
- Homeowners Association Statement (if applicable)
Credit Verification
- Credit explanation letter for late payments, collections, judgments, or other derogatory items in credit history
- Bankruptcy/discharge papers for any bankruptcies in credit history
Social Security, Disability Or Pension
- Social Security Award Letters
- SSA-1099 for the past two years-all borrowers on application
- Pension Award Letters
If You Own Rental Properties
- Signed rental agreement(s) – all properties
- Mortgage Statement(s) – all properties
- Homeowners Insurance – all properties
- Tax Bills – all properties
Miscellaneous
- Divorce Decree
- Separation Agreement
- Proof account paid
- DD-214-VA loans only
- Certificate of Eligibility- VA loans only