Wondering what are the documents needed to apply for a loan? Matt Keway has put together a list of everything he or another loan officer will need to see before they can finish your mortgage application.
This list is not ordered in any particular manner of importance; all documents are important! Having just some of these documents needed to apply for a loan ready at the beginning of your mortgage application process will help speed up the process. Working hard in the beginning to have all of these documents up-front will not only help your application go more quickly, but it will also help you to focus on finding the right home and not have to constantly be bothered by finding new documents to supply to your Lender.
The documents needed to apply for a loan are:
- Last two years of W2’s and/or 1099’s for all jobs even unemployment compensation and Social Security.
- If you receive Social Security, SSA or SSD or have a pension we will need your most recent awards letter you receive each year.
- Most recent 30 days concurrent paystubs, if you are paid weekly then four paystubs are required, if you are bi-weekly then three are necessary to cover the 30 day requirement.
- Most recent two months of bank statements for all accounts, the statements must have your name on them and the banking institutions name as well as account numbers; include all pages please.
- Most recent two years of tax returns all pages and schedules, if you are self-employed then business returns are need also, additionally a call to your tax preparer to give your loan officer permission to release information may be helpful to save you time as they can typically securely email me these documents.
- Most recent mortgage statements for any properties you have financed and the most recent Home Owners Insurance policy or bill to make sure I include this debt in your debt to income ratios, also if you own property free and clear please let me know for disclosure purposes.
- Most recent 401K, PSP or any other investment statement that you have, this is to either strengthen your loan application or to show proof of funds if you are using this money for a down payment.
- Chapter 7 or Chapter 13 Bankruptcy filings and the discharge all pages if applicable.
- If you have a Chapter 7 or 13 Bankruptcy you will need to provide a short letter explaining the circumstances that caused the filings.
- Divorce decree all pages if applicable, this is needed to determine if you owe child or spousal support that should be counted against your debit to income or any other court ordered payments.
- Copies of the front and back of your driver license.
- Copy of your Social Security card, front only required.
Matt Keway has been doing this along time and promises that the borrowers who provide all these documents needed to apply for a loan up-front have the best experience; the ones who are too busy to get the documents and/or don’t send in complete 2 years of W2’s or 30 days of paystubs etc. end up feeling overwhelmed by feeling rushed to complete it once they found a house they want to offer on.
Have a question about any of these documents or applying for a loan? Contact Matt Keway!