Financial Documents Your Lender Needs For Your Mortgage Approval

Mortgage lenders require paperwork that verifies every facet of your financial life: income, debts, assets and more.

The lender will request the following documents, so gather them before you apply for a mortgage.

Checklist:

  • W-2 forms from the previous two years, if you collect a paycheck
  • Profit and loss statements or 1099 forms for the last two years if you are self-employed
  • Recent paycheck stubs (if you are a W-2 employee)
  • Most recent federal tax return, it is possible they will want the last two tax returns
  • A complete list of your debts: credit cards, student loans, car loans, and child support payments, along with minimum monthly payments and balances.
  • List of assets including bank statements, mutual fund statements, real estate and automobile titles, brokerage statements, and records of other investments and assets.
  • Cancelled checks for your rent or mortgage payments
  • If you are placing the home in a trust, you will need a copy of the trust
  • If retired and receiving social security income, you will need the most recent “award letter”.
  • If you have investment properties and are using rental income as part of your qualification, you will need mortgage statements, insurance, and a copy of the fully executed lease agreement.

 

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