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Documents Needed When Applying for a Mortgage

Applying for a loan? Every lender will have their own requirements when it comes to documents, but apart from a few variations these are what they will probably ask you to provide:

  • Photo ID. Typically your driver’s license. Many lenders will also often ask for a second ID.
  • Most recent paycheck stubs. Make sure that they’re for the last month. Many lenders also typically require two years of W-2s.
    Federal income tax returns for the last two years. Make sure that these are signed and that all the pages and schedules are included.

For those who are self-employed, 1099 forms, balance sheets and profit-and-loss statements are also usually required.

  • Bank statements for the past three months. These include checking, savings, and investment accounts.
  • Evidence of other income. If you have rental property income, for example, you may have to include canceled rent checks along with your other documentation.

Purchase contract, signed. This is required if you’re already making an offer on a home, but not if you just need to get a pre-approval.

  • Gift letters. If you’re getting a cash gift, those who give it to you will need to provide a gift letter that states that you were gifted the funds and that they don’t need to be repaid. Sometimes your “giftor” may need to provide a copy of their bank account statement, which
    shows the funds.
  • Debt information. If you have other loans (car, student, credit card,
    etc.), you will need to provide information about these as well.
    Lenders will also ask for other documents such as copies of divorce settlement papers, a written verification of your employment from your employer, and more.

Tri Cities Arizona – Yavapai County Real Estate

If you need more financing or real estate information, don’t hesitate to get in touch with Richard Kerr today. He looks forward to helping you find and acquire your new home in the Tri-Cities area.

Laurie Moore
Branch Manager, NMLS # 256449, AZ MLO# 0912625
Fairway Independent Mortgage Corporation, #2289
Office: (928) 515-0344
Cell: (928) 308-1723