Essential Documentation
If house hunting is the fun part of buying a new home, then getting your documents together for your mortgage application is probably the least fun part. We know. But it’s an essential step that every home buyer goes through.
The Basics
- A valid driver license or other government-issued photo identification
- Date of birth
- Social Security number
Income Verification
- Pay stubs for the past month
- Personal tax returns for the past two years, including all W-2s, 1099s and all schedules
- If self–employed, year-to-date profit and loss statement and balance sheet
Financial Condition
- Most recent financial statements (two months) for all checking, savings, investment, IRA or other liquid asset accounts
- Loan information, including total balance and monthly payments
VA Loan Applicants
- Most recent Leave and Earnings Statement (LES)
- Statement of service letter
- Copy of transfer orders
- Certificate of Eligibility (VA Form 26-1880)
- Service Record Request (Form DD-214)
Additional Items
- If you have been divorced, a copy of the final divorce decree
- If you have credit disputes, documentation pertaining to any resolved or unresolved issues
- If you have filed for bankruptcy, a copy of all bankruptcy documents including the discharge notice
Wrap Up
Before submitting items to your lender, be sure to make copies of everything to keep for your own files. Your lender will want the copies, not the originals, and keeping copies of these items for yourself is a good idea. Stick around for our next segment where we cover the 5 parts of your Mortgage payment.
