Documentation for your Home Loan application
Documents Needed for Income Verification
- W-2 Forms: Copies from the last two years for each applicant. Obtain replacements from your employer or the IRS if needed.
- Pay Stubs: Provide pay stubs from the last 30 days, including any overtime, bonus, or commission earnings.
- Income Tax Returns: Copies of federal tax returns from the last two years
- Alimony or Child Support Documentation: Proof of payments continuing for at least three years.
For self-employed applicants or freelancers, additional documents may be required:
- Contracts or client letters
- Business license or proof of insurance
- Personal and business tax returns for the last two years
- Annual and Year-to-date profit-and-loss statement signed by preparer or CPA
Documents Needed for Assets and Debts
- Bank Statements: Provide two months’ worth, including all pages. Document sources of large deposits. Bank Statement programs will require 12 - 24 monthly statements.
- Retirement and Investment Accounts: Statements for accounts like IRAs, 401(k)s, and stock investments. These are often quarterly statements.
- Gift Letter: If receiving financial assistance from family, a signed letter confirming no repayment is required.
- Debt Statements: Home Owner's Association Dues, Homeowner's Insurance declaration pages, and any monthly obligation that is not found on your credit report.
Additional Documents
- Current Identification, including for Non-Citizens: A copy of a green card, visa, or employment authorization document.
- Purchase and Sale Agreement: Signed agreement between you and the seller.
- Rental History: Proof of rent payments over the past 12 months.
- Divorce Decree: Document showing alimony or child support obligations.
- Bankruptcy or Foreclosure Records: Proof of discharged debts or transferred property deeds.
- Letters of Explanation (examples): Recent credit inquiries, reasons for derogatory credit such as late payments or collections, documentation for resolved judgments or disputes, and ownership of addresses listed on your credit report.
- Alternative Credit Data: Proof of consistent payments for utilities, rent, or other regular bills if you have limited credit history.
Equal Housing Opportunity Lender & Broker
