If you are asking the question: what documents do I need to get a mortgage or buy a home you’ll find that not much has changed in the way of what documents you will need to buy a home or get a mortgage. The exception to this is that you will need to provide better documentation than what was required before the housing crash. For example, before the housing crash with a particular credit score you could get away with providing a recent pay stub and a W-2 to prove your income. But in 2011 you will need to provide several years worth of W-2’s and even tax returns as well as at least 30 days worth of pay stubs. The other change to how you get a mortgage is how closely mortgage loan applications get reviewed as they get approved.
Other documents you may need to buy a home – get a mortgage include:
- At least 2 months of bank statements
- Two pay stubs covering at least 30 days of income and showing year to date totals
- Statements to show your assets like 401K’s, IRA’s, Money Markets, CD’s, and Savings Bonds to name a few – you will mostly likely have to show your last quarterly statement
- If applicable, bankruptcy paperwork (if your B/K has been less than 10 years)
- Be prepared to show divorce paperwork – including the settlement papers as well as custody papers if applicable
- Credit report showing all three credit bureaus – you don’t need to worry about providing this as your lender will get their own. What you need to worry about is getting your own copy long before your lender gets one so you can see what your scores and to see if there are any problems on your report that you need to address.
- If you are getting social security checks you’ll need to provide your award letter(s) as well as proof that you receive the payments (this is typically shown in your bank statements).
- If you are using income from an annuity or other forms of monthly interest income be prepared to show the statements proving the income will last at least 3 years.
- If you are receiving any child support or alimony be prepared to show your legal documents to prove that you’ll be receiving that income for at least three years. In the event of child support you may have to provide birth certificates to prove your child’s (children’s) age(s).
- You will need to show proof of your identity – this is typically covered with a driver’s license and a social security card. You may also show a green card if you have one. Check with your loan officer about what forms of ID you may need if you have questions.
This is a good list of information you’ll need to get approved. If helps to gather this information and have it close at hand as you start your home buying process and get a mortgage. The first step to buying a home is to get your credit report in advance and then get in touch with a mortgage company to get prequalified and preapproved.