My wife and I are in the process of buying a house. We’ve owned one other piece of property in the past, but this time is much different. The market is different, the amount is much more, and we don’t have a loan from her parents for a down payment. If you are in the market for buying, you need to start collecting your financial documentation right now. Here is a somewhat comprehensive checklist for the documents that you loan processor will need to get you approved for a loan.
Make clear, legible copies of all of these documents:
- Driver’s License
- Social Security Card
- Last two checking account statements
- Last two savings account statements
- Last two 401k/IRA/Brokerage account statements
- Last two pay stubs for all places of work
- Last two W-2 forms
- Verification of Rent Form (if currently renting an apartment/house)
If you’ve just started a new job, you may need to get a letter from your employer verifying your income. Also, remember that any side income that you make throughout the year must have been claimed on a previous tax form in order to be considered for qualifying for a mortgage. Remember, everyone’s situation is different and every mortgage program is different. This checklist is just a start, and just this list alone will keep you busy for a couple of hours. I scanned all of my documents in to have electronic copies so that I could send them to the loan processor as needed. Good luck, and make sure that you claim all of your assets!