What types of documents do you need to start the loan process?
Lenders are very careful about who they lend their money to.
They will require verification of your income, bank accounts, job history,
taxes and credit history. Once you have decided you want to buy a home it’s
a good idea to start gathering your documents for your mortgage broker.
Underwriters generally like to see full and complete loan packages at
submission. You might be asked to write Letters Of Explanation for any
situations that might need clarifying. The key is to be clear and complete
and to not raise any red flags with the underwriters. Don’t make anything
appear as if you’re hiding something or not being completely upfront.
Below is a general list of documents you will eventually need to provide
for your mortgage broker. The first 7 – 9 are enough for your broker to get
your loan started, however the more prepared your mortgage broker is, the
faster your loan process will move.
- Credit Report: this will be pulled for you by your mortgage broker
- Pay Stubs: 30 days for all jobs
- Bank Statements: 2 months for ALL your accounts, ALL pages
- Retirement Funds: most recent statement, ALL pages
- Stocks, Bonds, Funds: most recent statement, All pages
- Personal Taxes: 2 years
- W2′s: 2 years (include 1099′s if paid commissions)
- Business Taxes: if self-employed, 2 years
- P&L Statement: if self-employed, current YTD
- Student Loans: if deferred, show deferrment letter
- Child Support/Alimony: show amount and for how long remaining
- Bankruptcy: Entire discharge, ALL pages
- Taxes/Insurance: if you own other properties you will need to prove property taxes and insurance on those properties are paid and current.