In many senses mortgage documentation hasn’t changed much from the way mortgages were gotten back before the Internet in the early 1990’s and before.
In the old days of buying a home – Arizona included – you had to prove to the banker that you could afford the home and that you weren’t too much of a risk for them. Today, in 2012 much is like those old days – it is up to you to prove that you are not too much of a credit and income risk for the bank to give you a mortgage. The days of no income loans or stated income loans over.
Below is a basic list of items you’ll need – Arizona included – to qualify to buy a home.
- Last 2 pays stubs to cover a 30 day period and that needs to indicate your year to date earnings.
- Last year’s W-2 – that is your 2011 W-2 or W-2’s (if you have multiple employers.
- Last 2 months of bank statements (both checking and savings) – the key here is every page needs to be sent even the blank ones.
- Last monthly or quarterly statement for any retirement accounts you may have that you need to use for cash for your home purchase.
- Last monthly or quarterly statement for any mutual fund or money market fund account you have that you need to use for cash for your home purchase.
- Credit report – the lenders you talk with will want to pull your credit. As long as you let them pull your credit within 14 days or so of each other you won’t bother your credit scores by having more than one company get your credit report. You’ll want to get your report first in the event that you have some issues on it that you weren’t expecting that you need to correct.
Other items that you may have to supply:
- Divorce decree
- Marriage settlement statement
- Bankruptcy discharge paperwork
- Permission from the Chapter 13 trustee giving you permission to buy a house
- SSI award letters
- Pension award letters
- VA certificate of eligibility
If you want to see if you qualify for a home in 2012, please fill out the form below – especially if you are in Arizona, Connecticut, Idaho, and California.