Loan Applications: What You Need
The following is a list of details your lender may ask for in the mortgage application process:
3 months’ bank statements on all accounts, including 401k
Copy of HUD1 Settlement Statement on recent sales of homes
Gift letter (for funds from family members); donor’s bank statement; copy of gift check; copy of deposit receipt
Landlord’s name, address, and phone number
Explanations for late payments; credit inquiries in the last 90 days; charge-offs; collections; judgments; liens
Copy of bankruptcy papers filed within the last seven years
Copy of Social Security Card and driver’s license
Last two years’ W2 forms
Most recent pay stubs covering a 30 day period
Federal tax returns (1040’s) for the last two years, if you are self-employed; earn regular income from capital gains; earn sizable interest income; earn more than 25% of your income from commissions or bonuses; own rental property; or you take non-reimbursed business expenses.
Year-to-Date Profit and Loss Statement (for self employed)
Corporate or Partnership tax returns (if you own more than 25% of a business)
Copy of purchase agreement (if you have already made an offer)
Receipt for child support payments
Copy of Divorce Settlement
Getting pre-approved for a mortgage prior to home shopping is a smart idea. The next step is to find a Buyer's Agent. Please don't hesitate to contact me when you are ready.