Here are items you'll need when you apply for your home loan:
- Valid driver's license or other government-issued photo identification.
- Most recent statements for the last two months on all checking, savings, stock, mutual funds, IRA, or other liquid asset accounts.
- If you are salaried, your most recent pay stubs for the last 30 days.
- W-2 forms for the past two years, and all full federal tax returns for the past two years, including all schedules.
- If self-employed or you own more than 25% of a business, copies of business tax returns for the past two years, including all schedules.
- If you have been divorced, a copy of final decree, particularly the financial settlement page including alimony, child support, and the decision of liabilities and assets. (Note: Alimony, child support, or seperate maintainance income need not be revealed if you do not choose to have it be considered for pre-qualification purposes.)
- Documentation pertaining to any resolved or unresolved credit disputes you may have had.
- Loan information, including balance, monthly payment, and any rents collected for other real estate owned, if applicable.
- Sales Contract, if available.
- Funds for credit report and appraisal.
- Accurate addresses and landlord/mortgage company information for past two years.
- Certificate of Eligibility and DD-214 or Statement of Service, if applying for a VA loan.
- If previous bankruptcy- A copy of entire bankruptcy papers with a copy of discharge.
- If applying jointly, each borrower must provide their date of birth, social security number, and the same documentation noted above.
- A copy of the settlement statement if you sold property in the last three months.
Keep in mind that you should not make other large purchases on credit when applying for a mortgage loan as it could affect you loan eligibility and closing date.
Dont forget you'll also need homeowners insurance coverage on your new home.