Unless you’re paying for your house in cash, you will need to verify your income and taxes to qualify for a mortgage. If you’re thinking about buying a home, start pulling together the documents your lender will need to approve your loan.
- Previous two pay stubs
- Previous two years’ W-2 forms
- Previous two years’ tax returns
- 2-3 months of bank statements
- Purchase contract (if available)
- Social security card of each purchaser
- Home addresses for the last 2 years
- Address of bank branch
- Evidence of other income (i.e. child support, alimony, etc)
- Divorce settlement papers
- Balance sheets (if self employed)
- Gift letters (such as parents covering a down payment, etc.)
- Other consumer debts (student loans, credit debt, etc.)
Keep in mind that you should never cross out, white out or alter any information on a document. If you do so, the document will be invalid.
Always provide every page of every document. Even if the pages that say, “This page is blank,” you need to include it. For example, if a document says ‘page one of seven,’ lenders want to see all seven pages.”
Finally, remain ready to supply updated documents, keeping in mind that documents expire after 60 days.