Income and employment
- W-2 wage earners: Copies of W-2 forms and 30 days’ worth of most recent payroll stubs.
- Self-employed and independent contractors: Self-employed borrowers, including sole proprietors, partnerships and S-corporations, need a year-to-date profit and loss statement and two years of records, including the Form 1099s you used to report income and file taxes.
- Real estate income: Document the rental income, address, lease and current market value (we can help with this) of a rental property if you will use this income to qualify for a mortgage.
- IRS & Other Income: Award letter & proof of retirement benefits such as Pension, Social Security, Disability, Military, etc. For VA loans you will need certificate of eligibility or statement from your commanding officer if on active duty. NOTE: If recent school graduate & can’t supply 2 years of employment history, you will need school transcripts or diploma
Bank statements: Copy 60 days’ worth of statements for every account whose assets you’re using to qualify for the mortgage. Must include even blank pages of the statements.
Retirement and brokerage accounts: Two months of statements from IRAs, investment accounts (stocks and bonds), and CDs. The last quarterly statement from 401(k)s showing the vested balance. NOTE: As with bank statements, include every page, even blank pages.
Child Support: If receiving child support or alimony earnings, lender may need to see payments for the past 12 months. Provide court order documents of this amount.
Divorce: Have your court divorce decree ready, including any court orders given.
Bankruptcy and foreclosure: Ask your lender what documents they’ll need and how long you should wait
Down payment gift letters: Lenders will want to talk about your down payment. You’ll need to show the sources of the money you plan to use. If your funds include monetary gifts, you’ll need to get letters from your donors showing they don’t expect to be paid back. Your lender will assist you with these letters.
At Time of Contract
- Executed Sales Contract
- Earnest Money check(s)
- Quote from Homeowner’s insurance agents and contact information