Documentation you'll need
Documentation you'll need
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Traditional loans may require a variety of important documents to verify your employment, income and assets. Here are some of the documents you may need to prepare when applying for a traditional mortgage loan:

  • Your Social Security number
  • Pay stubs for the last two months
  • W-2 forms for the past two years
  • Bank statements for the past two or three months
  • One to two years of federal tax returns
  • A signed contract of sale (if you've already chosen your new home)
  • Information on current debt, including car loans, student loans and credit cards

Keep in mind that the amount of paperwork required will vary by lender. In general, the higher your credit score is, the less documentation you may need to provide to your lender.

Employment income verification

You may need the following items to verify your income:

  • Names and addresses of all employers for the last two years.
  • If you work for a really big company, you may want to call human resources and ask what address should be provided for employment verifications.
  • W-2s for the last two years (and perhaps even federal income tax returns from the past two years)
  • Pay stub(s) for the last two months

Self-employment income verification

If you're self-employed, you may need to provide:

  • Year-to-date profit and loss statement and balance sheet
  • Signed tax returns for the last two reporting years (business and personal)

Other income verification

Supporting documentation for other income you wish to have considered in qualifying for a loan may include:

  • Social Security and disability payments
  • Pension income
  • Dividends
  • Child support 1
  • Alimony 1
  • Bonuses
  • Overtime
  • Rental property income

Asset verification

Your assets may need to be verified through:

  • A gift letter (if you are receiving a monetary gift from a relative)
  • Statements and records for the last three months that include account names, addresses, account numbers and balances for the following accounts:
    • Checking
    • Savings
    • Credit unions
    • Mutual funds
    • IRA, 401(k) and other retirement plans
    • Securities (stocks, bonds, life insurance)
  • Title of any car you own (if less than five years old)

Debt verification

The following information about your debt may be required:

  • The most recent statement or payment booklets for present creditors
  • Car loans
  • Outstanding student loans
  • Credit card accounts
  • Documentation of any current mortgage or home equity loan
  • Name and address of present landlord along with last 12 months' cancelled rent checks
  • A complete copy of any divorce decree or separation agreement to document alimony or child support
  • A copy of documents related to a bankruptcy, if applicable
  • Explanation letter for any judgments with a copy of release/satisfaction
  • Explanation letters for other delinquent credits of record (late payments, liens, foreclosure)

Property verification

You'll need information about the property you're buying:

  • Fully executed copy of purchase agreement
  • Legal description of the property being purchased (may be obtained by real estate agent)
  • Copy of listing sheet or property information sheet (if multiple listings)
  • If you are in the process of selling a home, you will need to provide the fully executed contract of sale along with a copy of the HUD-1 closing statement on the home before closing on the new home.
  • List of real estate owned

Additional documentation

You may also be asked for these additional items:

  • A list of your addresses of residences for the last two years
  • If you were a full-time student at any time in the past two years, a copy of your diploma or transcripts
  • Social Security number
  • Relocation agreement (if you were transferred into the area)
  • Check for the application fee (if required)
  • If you are a resident alien, evidence of permanent residency issued by INS (a.k.a. green card)
  • Names, addresses and phone numbers of all parties involved in this transaction, including attorneys and/or closing agent and real estate agents
  • Copy of recorded deed (refinance only)

Depending upon the product and program for which you are applying, additional information may be required. Delays in providing requested information could potentially delay your closing date.

1. You do not have to disclose alimony, child support or separate maintenance income unless you want it considered as a basis for repaying the loan.

Step 4: Contact us

Homebuying?
Refinancing?

1-800-873-6577


Go deeper

You don't need to be in the same job for years; proof of a steady income is much more important.