Thanks to today's tightening credit standards, you may need more paperwork than ever when applying for a new home loan. Below is a comprehensive list of items you may be required to bring along when you visit your lender to begin the loan application process: (please note, all lenders are different and may require more or less paperwork!)
Employment/Income
- Addresses of employers for two full years
- Gross monthly income, proven by last two pay stubs
- W-2's, if available
- Proof of pensions, retirement, disability, or Social Security
- Proof of income from rentals, investments, etc.
- Proof of child support or alimony paid/received
- Self-employed: two years 1040 tax returns
- Current year profit and loss statement
Creditors
- Each creditor's name and type of account
- Account numbers
- Monthly payments and approximate balances
- Amount of child care expenses
Banking
- Names of checking & savings institutions
- Account numbers and current balances
- Last two months bank and savings statements
Miscellaneous
- List of assets in stocks, bonds, land
- Life insurance cash value
- Social Security numbers for all parties
- Veterans: Certificate of Eligibility & DD-214 or Statement of Service
- Divorce Decree and/or Separation Agreement if applicable
- Child support documentation if applicable
- Bankruptcy papers if applicable
This may seem like an unreasonable amount of work to have to do on your part just to get a home loan. But imagine if you were about to lend hundreds of thousands of dollars to somebody – you'd probably want a pretty good idea of that person's ability to pay you back!
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