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Mortgage Guides

Mortgage Documentation – Preparing in Advance

Written By  Scott Buehler

Are you ready to apply for a home loan and wondering what documentation you will need? This guide will highlight a majority of the mortgage documentation needed to submit your loan for approval.

Please understand, this is not intended to be all-encompassing. Often, Loan Officers like myself will receive requests for additional documentation from underwriting. These documents would then be required before we can sit together at the closing table.

In order to jump-start the process, here’s an overview of what you may need to get your mortgage approved quickly.

Documentation you Will Need

There are certain pieces of documentation all borrowers will need. You can expect your lender to ask for the following:

  • A copy of all driver’s licenses for all borrowers.
  • A copy of all social security cards for all borrowers.
  • Last two years of W-2s and/or 1099s for all borrowers.
  • Last two years of federal tax returns, with all attached schedules for all borrowers.
  • Last two months bank statements, including (but not limited to) checking, savings, brokerage, and retirement accounts for all borrowers
  • Pay stubs from the past 30 days for all borrowers.

Documentation You May Need

Additional documentation may be required depending on your circumstances, loan type and more. If any of the things on this list apply to you, be prepared to be asked for these additional documents:

  • Corporate tax returns and YTD profit/loss statement (if you own a business).
  • Documentation for any large, non-payroll deposits into your bank accounts. Fannie Mae considers any single deposit that exceeds 50% of the total monthly qualifying income for the loan as a large deposit.
  • If you’re selling your current home, a copy of the sales contract or listing agreement.
  • If you’re not planning to sell your current home, a monthly mortgage statement.
  • If you plan on renting out your current home, a copy of a signed, 12-month lease for the property.
  • A copy of your divorce decree or separation agreement (if that applies to you).
  • If you’ve been a renter, the address and telephone numbers of your landlords for the past two years.
  • If you have any derogatory credit information (late payments, paid collections, judgments, etc.), be prepared to have a written letter of explanation.
  • A letter explaining any recent credit inquiries and whether or not they resulted in any new credit cards or loans.
  • A signed gift letter (from whoever is giving you money), if some of your down payment will be coming from a gift.
  • Proof of veteran status (if applying for a VA loan). At minimum, we will need your DD-214 form.
  • Proof of any additional income such as Social Security benefits.

It’s Better to Over-Prepare

There’s a reason it takes so long to close on a home, and why many people experience delays when going through the process.

Keep in mind that this isn’t even an exhaustive list. If there are any special financial or personal situations that apply to you, I could (and probably will) ask you for further documentation. Consider gathering all of the items on the lists above (that apply to you) to have a smoother loan experience.

As a final thought, one of the best things you can do when getting ready to apply for a mortgage is to over-prepare. Keep a file with an extra copy of every piece of documentation so that it’s easily accessible if needed. It may take a little extra time to do this, but it’s certainly easier than going back to your employer for another copy of your last W-2, or reprinting all of your bank statements.

If you do a good job of preparing for the mortgage process, you can eliminate a lot of the headaches, frustration, and delays that a lot of home buyers deal with.

Ready to apply for a home loan now? Please go to BuehlerLoanApp.com to begin.

About Scott Buehler

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Your epic Utah home loan lender. I've spent years researching home loans so you won't need to. Whether you are buying, selling or need to refinance, call Scott Buehler today at 435-590-1019. Ask me about my 100% financing options, my digital loan experience and total loan cost analysis. Get started with my pre-qualification questionnaire.

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