In order to apply for a loan most mortgage lenders require the same basic information:
* Previous 2 years W-2 statements
* Most recent paystubs (showing one full month of income)
* 2 months bank statements on all checking and savings accounts
* Landlord information
* Most recent statements on investment accounts (retirement, mutual funds, stocks, bonds, etc.)
* If you receive Social Security or retirement income you must provide the benefits letter
* If you are selling a home and using the proceeds for your purchase, you will need to provide a copy of the Settlement Statement for that transaction
* If you own rental property, copies of all lease agreements and signed tax returns for the last two years
If you are self employed or paid on commission you will need to provide additional documentation:
* Previous two years tax returns, signed and dated
* Year to date profit & loss statement, signed and dated
* Additional tax returns and schedules if you are a corporation or general partner in partnership or LLC
Additional items that may be requested, depending on your circumstances:
* In the case of a divorce, you will need to provide a copy of the final (recorded) divorce decree
* For income from child support, you will need to provide the parenting plan and evidence of funds being received for the last 12 months
* Maintenance agreements for shared roads or driveways
* Documentation on the budget and expenses for an HOA
* In the case of a bankruptcy, you will need to provide your discharge papers and a letter of explanation
For good reason, getting a home loan is more complicated than it has been for many years. You will need to be prepared to provide lots of documentation to the lender right up until the final closing. As long as you are prepared and have a reliable mortgage lender working on your behalf it should not feel too painful.
Wondering who to talk to regarding a mortgage? Contact me, I have a wonderful resource in the world of home loan lending and would be happy to refer you to them.
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