Home Loan Application Documents
Posted August 31, 2014

When you apply for a home loan there are multiple documents that you will most likely be asked to provide at sometime during the process. To save time, work on organizing these and researching how you will access them before you start the process.

You and the co-signer (if applicable) will need to provide identity verification. This will be your full legal name, social security number (card) and your date of birth.

Your residential mailing address, both current and over the last two years if you have moved, along with your phone number and email address.

Provide proof of value of your bank accounts, retirement funds, investments and any other asset accounts. Also, proof of your monthly debt obligation.

If there are any large deposits on asset or bank accounts, you will be asked to provide source of funds documentation.

You will be asked for primary and secondary income amounts and their sources, and to provide the name, addresses and telephone numbers of all employers over the last two years.

If you are self-employed, you will need to provide income verification in the form of Federal tax returns for the past three years, year-to-date profit and loss statement and a list of all current business debts.

If there are any derogatory items in your credit history you may need to provide credit verification in the form of credit explanation letter for any late payments, judgments in your credit history. If there are any obligations due to legal actions, provide judicial decree or applicable court order.

If there are bankruptcies in your credit history, provide the bankruptcy discharge papers.

You may be asked to provide history of payment for utilities, telephone, cable television, car insurance and other expenses.

You will be asked to sign IRS form 4506/T, which allows the lender to receive a transcript of tax forms from the IRS, as a preventative measure against fraud.

Income tax documents, paystubs covering the last 30 days, W2s for the past two years, and the two most recent statements for all accounts listed on the application including any pages that are blank. If the employer pays electronically, the employer should be able to access a corporate website to print out the information.

If you've been unemployed less than two years or have any employment gaps within the last two years, provide written explanation.

You'll be asked to provide the address of the property being purchased, the year it was built, the estimated down-payment amount and the purchase price.

You will be asked to provide an estimate of yearly property taxes, homeowners insurance, and any HOA dues.

Because most of this information is not usually something you keep close at hand, start a file or a list now so that you know what will be needed and how to access it.

Posted By: Michelle Keaton-Barrow
August 31, 2014 09:56 PM

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