Documents Required for a Home Loan

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.

Home Loan Lender Requirements

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:

Approved 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
Documents required for a Loan

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
First-Time Homebuyers

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.
Documents required for a Home Loan

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

Contact Us Today

Mortgage Investors Group, based in Tennessee, offers residential financing in a number of states in the southeast, See MIG Service Areas. Terms and conditions to apply to home financing. We want to share with you the loan terms vary based on several characteristics and your financial profile. These include but are not limited to loan program, loan purpose, occupancy, credit history, credit score, assets, and other criteria per loan type. The repayment terms and interest rate may vary from time to time. The terms represented here are based on certain assumptions outlined below and/or noted on the loan outline page. Additional details concerning privacy, program disclosures, licensing specifics may be found at migonline.com Legal Information.

MIG Loan Officers will help gather the information needed for an individual assessment to provide home financing which matches the loan characteristics with your home financing needs based on your financial profile, when you are ready to begin a full loan application. For estimates and general information before that step, the basis for which the mortgage financing information are as follows:
  • Rates are subject to change at any time.
  • Rate locks are available at current terms for 30 to 180 days based on program type, credit profile, property location, etc. which will affect the available rate and term.
  • Payments will vary based on program selection, current rates, property location, etc.
  • Not all programs are available in all states.
  • Some loan programs may not be available to first time home buyers.
  • Terms and conditions apply, which may include restrictions or limits per loan program.
  • Information is generally based on primary residence occupancy with no cash out when refinancing.
  • Unless otherwise stated, terms shown are estimates based in part on credit score of 700 or higher; owner occupancy, escrow account is established for taxes and insurance(s); debt-to-income ratio no higher than 43.0%; PMI applies to conventional loan programs over 80.0% LTV; VA,FHA & RD require insuring fees included in loan and/or payment; fixed rate, 30 year term.

An MIG Loan Officer is available to help with your financial details to determine which characteristics apply to your situation for a personalized look into which loan program best fits your home financing needs. Please use the Find a Loan Officer link or reach out to Mortgage Investors Group at 800-489-8910. Equal Housing Lender 1.2020