Mortgage Approvals : Documents You’ll Need For Your Lender

In today’s market getting approved for a home loan is a lot simpler than it has been in past years. Which gives more U.S. homeowners better access to today’s ultra-low mortgage rates.

However, although banks are easing guidelines, it doesn’t mean that we’re returned to the days of no-verification home loans. Today’s mortgage applicants should still expect to provide lenders with documentation to support a proper loan approval.

Some of the more commonly requested documents include:

Certifications

• Signed Credit Authorization

• Signed 4506T form

• 2 forms of Personal ID – SS card & Driver’s License

• Fully executed Purchase Contract for the home including all riders.

Income

• W2 employee

• Last 2 years all pages Federal Tax returns all schedules – with signed signature page

• Last 2 years W2’s

• 1 full months’ worth of pay-stubs

• Confirm all employment phone and address (# where we can do a Verification of

Employment)

• Self Employed

• Last 2 years personal tax returns – all schedules (All pages of federal)

• Last 2 years business return (if applicable)

• Profit & Loss statement year to date

• CPA contact information

• Fixed income

• Child support/Alimony = court order + bank statement & proof of age for children

• Social Security = Award letter + bank statement showing money going in

• Pension = Award letter + bank statement showing money going in

• Rental Income

• Lease agreement + proof of security deposit if happening now

Assets

• Copy of down-payment cancelled check

• 2 months bank statements ALL PAGES

• IRA statement ALL PAGES

• Money market account statement ALL PAGES

• Any other forms of liquid assets need ALL pages of accounts showing 2 months

Credit

• Last 12 months housing history (If rent Landlord name & #, if owned, most recent mtg.

statement)

• Homeowners insurance declaration page

• Bankruptcy Discharge letter

• Divorce Decree

In addition, if your credit report lists collection items, judgments, or federal tax liens, be prepared to discuss these items with your lender. The more information that you share with your lender, the smoother your mortgage approval process can be.

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