When applying for a home loan, it’s crucial to provide your loan officer with the necessary documentation to kickstart the process smoothly. To ensure you’re prepared, here are the essential financial documents you’ll need to gather. Keep in mind that additional items may be required based on your specific loan application.
Employment/Income:
- Pay stubs: Gather pay stubs covering a 30-day period to provide a snapshot of your current income.
- W-2/1099 forms: Include W-2 or 1099 forms for the past two years, which demonstrate your income history.
- Tax Returns: Provide tax returns for the last two years, including all pages and schedules. The loan officer will determine if these are needed.
- Awards Letter: If you receive fixed sources of income such as VA Benefits, SSI, Retirement, or Annuity, include the most recent awards letter reflecting your current monthly income. Be sure to include all pages.
Assets:
- Bank Statements: Submit the two most recent bank statements, investment account statements, and/or 401K statements. Include all pages, even if some are blank. Ensure your name, full account numbers, and the bank’s name are printed on the statements. Be prepared to document any deposits other than regular income.
- Earnest Money Deposit: Once your earnest money deposit clears, provide the bank statement or transaction statement that shows the deposit clearing your account. The statement should clearly indicate the account owner, the bank’s name, and the beginning and ending balance.
Miscellaneous Information:
- Divorce: If you’ve been through a divorce, include all pages of the final signed Divorce Decree.
- Child Support: If you are paying child support, include all pages of the final divorce decree or the most recent Court Order reflecting the most recent amount due.
- Military Service: If you are on active duty military, provide PCS (Permanent Change of Station) orders if applicable. For VA financing and no longer on active duty, submit DD214 and Form 4. If you’re utilizing VA financing while still on active duty, provide a Statement of Service.
- Identification and Legal Documents: Include a copy of your unexpired driver’s license and green card if applicable.
- IRS Documentation: Sign and complete Form 4506T, ensuring that your name and address match the IRS filed returns.
- Borrowers Authorization: Sign the Borrowers Authorization form as required by your lender.
- Homeowner’s Insurance: Provide the name and phone number of the insurance agent you will be using for homeowner’s insurance.
- Special Circumstances: Discuss with your loan officer any recent bank overdrafts, bankruptcy, foreclosure, short-sale, gifted funds, or unpaid judgments that may require additional documentation.
If you have any further questions or need assistance, feel free to reach out to our team. We are committed to helping you and your family navigate the home buying process and secure your dream home.
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