Documents Required for a Home Loan

Prospective homebuyers, especially first-time homebuyers, may feel overwhelmed by all the documents that need to be gathered for a lender. If you are going to purchase a home with a mortgage or refinance your current mortgage, you will be required to sign disclosures and fill out an application to begin the process. Mortgage Investors Group will work with you to make the process as pain-free as possible.

The applicant is required to produce various documents for us. Information, such as credit history, employment information, and recent bank statements, needs to be collected. With these documents, we will be able to properly assess how much you can afford to borrow.

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Home Loan Lender Requirements

If you are prequalified for a loan, a mortgage underwriter will then review the details of your home loan application for final inspection. The underwriter’s job is to carefully review all your documents against the criteria of the loan. The underwriter needs to make sure that the borrower can comfortably afford to pay back the loan. Different lenders have different guidelines, based on the type of loan being given, for their underwriters to follow.

Although guidelines differ from lender to lender, all lenders are required to review a prospective borrower’s income and financial information. Following is a list of documents lenders typically require when qualifying borrowers for a loan:

Proof of income

Copies of pay stubs for all borrowers
W-2 statements for the previous two years
Tax returns for the previous two years

Proof of assets

Gift letters explaining any gift money received from family or non-profit organizations. These letters specify that there is no debt to be repaid.
Documents providing information on any stocks, bonds or insurance equity you may have

Proof of any debts you owe

Any current lines of credit
Outstanding car loans
Current home mortgage or home equity
Consumer debts – credit cards, student loans or store credit

Personal history

12 months of cancelled checks for rent or utility bills to prove residence
Check or credit, for the electronic appraisal (These can range in cost from $200 to $250.)
Social Security Number
A diploma and transcript from education institution if you were a student in the past two years
Your home addresses for the previous two years

Verification of the property

A copy of the final purchase agreement contract. You may need plans and specifications if it is a new construction loan.
A legal description of the property you are buying. You can get this from your real estate agent.
If you are selling a home, you will need to produce a copy of the Closing Disclosure (CD) on the home and the fully executed contract of sale.

Additional documents that may be required, if applicable

VA discharge papers (DD214) for military veterans
Divorce decree
Documents supporting any income received from Social Security or retirement trust
Copy of petition for bankruptcy and discharge, and supporting schedules
Copy of 1099 tax form
If self-employed, documentation proving 2+ years of tax returns proving 25 percent ownership or more of company
Divorce papers, child support documentation

For additional information on documents required for a loan, contact one of Mortgage Investors Group’s expert staff members.

Additional Documents that may be required if applicable

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