The Documents That A Mortgage Lender Will Want From You

a mortgage application form where a calculator is placed sideways on the left side, eyeglasses on the right side and a pen at the bottom

Okay, you found the house that you want and now you are ready to apply for a mortgage loan. Getting your application in order is one of the most crucial steps you can do when you buy a house. It will require a lot of paperwork and documents so having everything in order ahead of time will help make the application process go a lot more smoothly.

Here is a list of documents you should have ready:

Paycheck stubs.
Generally, when applying for a loan you will need to verify proof of income. You can do this with your pay stubs if you get paid once a week you will need 4 of them, biweekly then you will need 2. If you are paid by direct deposit you may need to request a printout of pay stubs from your employer.

W-2 forms.

a W-2 form which is used to report an employee's annual wages and taxes

You will be expected to provide your tax returns for the past 2 years.You will get these from your employer. These returns will be analyzed vigorously for any kind of inaccuracies. Ordering your tax transcript, “has become an industry standard as fraud prevention,” says Brad Blackwell, executive vice president and portfolio business manager for Wells Fargo Home Mortgage.

Bank statements.
Your potential lender will want to see all current bank statements, and there is a chance they will require the preceding ones as well. Be sure to provide everything. No one said buying a house would be easy. The lender will also want to know about any other assets in your possession. They need reassurance that you have ample savings and investments to withstand any unforeseen financial expenses that may impede loan repayment.

three passports which are travel documents are arranged like a fan where the bottom one is opened showing the picture of the owner

Photo ID.

You will need to provide your driver’s license, or if you do not have one, a state identification card. A passport will also suffice. It goes without saying, but these will all have to be current and unexpired.

If you are not a U.S. Citizen you will require proof of legal residency.
If you are a permanent resident of the United States, you will need to show your green card and any other information which might be required to ensure your loan for buying a house. Lending companies will not give a loan to anyone that is only in the country temporarily.

Self-employed Individuals or business owners must provide a K-1 form.
When you are self-employed or a business owner you will be required to document proof of all income that you claim on the loan application. If self-employed you will also need to include a copy of a quarterly or a year-to-date profit/loss statement.

Proof of military service.

a dd form 214 which is a certificate of release or discharge paper and separation document from the military

If you are a veteran and applying for a VA loan then you will need a DD Form 214, and a Certificate of Release or Discharge from Active Duty. You will need this if you want to take advantage of the U.S. Department of Veterans Affairs program.

After all of this preparation, and with the help of a good real estate agent, you will be well on your way to buy a house in no time. So secure all the necessary documents as soon as you can so that you can the process can go smoothly.