Here’s a list of what’s most commonly needed:
Required Loan Documents
1. Copy of driver’s license and 2nd form of ID such as a social security card
2. Signed loan application and disclosures Click here to download
3. Mortgage statement for refinance
4. Home Owners insurance- copy of Declaration Page
5. Rental agreement if applicable.
When someone has two or more mortgages then mortgage statements, insurance copies, and rental agreements are needed from all properties.
Additional Loan Requirements:
1. W2’s for the last 2 years
2. (2) most current pay stubs
3. Proof of assets (401k, checking or savings account, IRA, money market, stocks, retirement account, etc.). Last two statements
4. Self Employed borrowers need to provide the last 2 years tax returns including all schedules and a year to date profit and loss statement.
If someone has two or more jobs then the W2’s and pay stubs are necessary from all of them.
Usually required is six months worth of assets in reserve (six times monthly mortgage payment).
Additional Purchase Requirements:
1. Signed Purchase Contract and final counter offer by buyers and sellers
Additional documentation other than that listed above will be required. This will depend on your individual situation and the type of loan you are applying for. Gathering this together in advance will help make the process go smoother and more efficient.