Do you want to make your home buying process fast and easy? Identifying and gathering the necessary documentation ahead of time will help you get approved quicker. When applying for a home loan, all income and funds for closing costs and down payment have to be documented and verified. Having this documentation ready to go when you apply will help your lender get your loan approved within days!
What documentation might you be asked to provide?
- W2’s or 1099’s for the past two years.
- Pay stubs for the two most recent pay periods.
- Tax returns for the two most recent years.
- Most recent two months bank statements showing funds that will be used for closing costs and down payment.
- Documentation for any other forms of income like Social Security of Child Support.
- If you will be using a financial gift to pay for some, or all of the down payment, you will need a gift letter disclosing the amount as well as bank statement verifying the funds are available.
- You will be asked to provide a driver’s license or some form of identification for anyone that will be on the loan.
You may be asked to provide more documentation depending on your employment status and the type of loan you are applying for, but having these things ready to go will give you a great start! If you have any questions about any of this documentation or how to find it, your loan officer can help you. Please feel free to contact one of our mortgage professionals any time for more information regarding home financing!