If you’re intending to purchase a property in the next several months, it’s important to note what documentation you’ll need to provide to the lender in order to get loan approval.
Many prospective buyers cringe at the thought of pulling together reams of receipts, paystubs, and W-2s. But if you start doing that now, you’ll be ready to go in the event you stumble upon that perfect condo in South Beach.
Here’s the list of documentation you will generally need in order to verify a home loan application, courtesy of my friends at Guarantee Mortgage:
1. Two most recent paystubs
2. W-2s for 2009-2010
3. Two most recent statements for all checking, savings, CD, money market and/or securities brokerage accounts
4. Most recent statement for all retirement accounts (IRAs, SEP-IRAs, 401ks)
5. Most recent statement of stock options, employee stock option purchase plans, etc. if part of the down payment or closing costs of a purchase
6. 2009-2010 1040s (federal tax returns, all pages)
7. Mortgage, real estate tax and insurance premium statements for all properties currently owned
8. Leases on all rental properties you may own
9. Divorce decree and settlement statement, if applicable
10. Name, address and phone number for your landlord covering past 24 months
11. Twelve most recent cancelled rent payment checks or bank statements if your landlord is a private party
12. Copy of your state-issued driver’s license or passport and your date of birth
13. Copy of current mortgage statements on all outstanding mortgages.