Documents Needed When Applying For A Mortgage

You are excited about the prospect of owning your own home, have worked hard to ensure your credit score is decent, and believe you are just about ready to discuss loan options with a lender. Before meeting with a lender, or going out house hunting, you need to start gathering the documents needed when applying for a mortgage. While some mortgage application delays are out of your hands, being proactive and having the documentation available upfront will ensure the process is as smooth as it can be.

While each situation is different, and some documents may not be necessary for your loan program, here is a generic list of the documents you will need to have handy when ready to begin the home loan process.

Required Mortgage Information:

Based on the new Qualified Mortgage rule, enacted by the Consumer Financial Protection Bureau in 2014, there are certain documents that loan officers will ask for in an attempt to eliminate risky lending practices. Some lenders may require more data depending on your unique situation and their lending policies. Below are documents frequently needed when applying for a mortgage.

  • Primary identification for Patriot Act compliance (i.e. driver’s license)
  • Secondary identification (Social Security Card, passport, or alien registration green card)
  • Current credit report
  • Work history for last 2 years
  • Name, address, and phone # of employerApplying for a Home Loan
  • Home address for last 2 years
    • Name, address, and phone # of landlord for verification of timely payments
  • Pay stubs for last 2 pay periods
  • Bank and asset statements for last 2 months
  • Full tax returns and W-2 forms for last 2 years
    • If you cannot find a tax return, request it from the IRS  on Form 4506
    • Alternatively, complete and sign a Form 4506-T- or 4506T-EZ to permit the lender to access to your tax return
  • If self employed, in addition to the above items, have these documents ready:
    • 1099 for last 2 years
    • Form 1120S or K1
    • Both personal and business full tax returns for last 2 years
    • Proof of self-employment (signed letter of business from a CPA or employer liability insurance letter)
    • Current balance sheet and profit/loss statement
  • If retired or disabled, the following documents need to be available:
    • Pension award letter
    • Social security award letter
    • Supplemental security income benefits
    • Permanent disability award letter
    • Recent retirement account statement
  • Signed sales contract and appraisal (when you have an accepted offer)
  • Name, address, and phone # of closing attorney

Additional Loan Documents:

These are all documents that you should have access to in-case your lender wants to see them during the mortgage process. Some of these items you will need regardless of the type of loan requested while others may only be necessary based on the loan type. As a fail-safe, have as many of these documents in your possession and avoid possible delays. While not all-inclusive, this is a good representative list of additional loan documents you may need to provide lenders.

  • Veterans Certificate of Eligibility
  • DD 214 or statement of military service
  • Written salary and position verification (on company letterhead)
    • Some lenders call your employer during the underwriting process to ensure you are still employedDocuments Needed When Applying For A Mortgage
  • Cancelled rent/utility checks
  • Bankruptcy documentation
  • Gift letter
    • Proof of withdrawal and deposit
    • Amount of gift
    • Statement that funds are a gift and do not require repayment
  • Divorce decree or separation agreement
    • Alimony/Palimony payments receipt
    • Child support payments receipt
  • Most recent IRA/Retirement/401K statement
  • H-1 / L-1 visa for non-resident aliens
  • Copy of business license
  • Bonus information
  • Copy of bond insurance
  • Rental property income
  • Existing consumer debt information (cars, credit, department stores, student loans, etc.)

Refinancing / Own Additional Property Documents:

This is a representative list of documents you may be asked to provide if you are refinancing your primary residence or own additional property. If you utilize the same lender who originally provided your mortgage, less documents may be required. Each situation is different, and lender requirements can vary, so be prepared if you are asked to provide additional documentation or new forms.Documents Needed to Apply for a Mortgage

  • Property tax bill
  • Deed from current loan
  • Note from current loan
  • Homeowners insurance policy
  • Title insurance policy
  • Existing home equity loans (if applicable)
  • Current home appraisal
  • Homeowners association statement
  • Rental/lease agreements
  • Mortgage statements for all owned properties
  • Name, address, and phone # of condominium management company

The home mortgage loan process does not need to to be difficult or confusing, and if you are working with a buyers’s agent, lean on them for quality advice. A little work on your part to ensure you have the documents needed when applying for a mortgage will speed up the process and ensure your experience is a good one. Keep reminding yourself the prize at the end of the process is your dream home or a refinanced home loan that better suits your current situation. As always, happy house hunting!

Additional Mortgage Resources:

Consumer Financial Protection Bureau

Qualified Mortgage Standards via the CFPB

Mortgage Rates courtesy of Zillow

Mortgage Information from Inlanta Mortgage

179 Reasons Why Buyers Need to Use a Realtor®

List Of Documents Needed When Applying For A Mortgage

About Anita Clark Realtor

Anita Clark has written 808 posts on this blog.

Anita is a residential Real Estate Agent in Warner Robins Georgia, with Coldwell Banker SSK Realtors (478) 953-8595, aiding buyers and sellers with all their real estate questions on her Warner Robins blog.