What Documentation Will I Need for a Home Loan?
When applying for a home loan, there are a number of documents that you will need to complete your application. Documentation that is required to process a home loan application includes employment history, income sources, prior housing history, identification information, and creditor information. You should gather these documents before seeing a loan officer so that you will be prepared during the application process.
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Employment History
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When applying for a home loan, you will need to provide information on your current and past employment for about the last two years. You will need your position titles, length of employment, supervisor names, work addresses, and telephone numbers to serve as verification of employment.
Income Verification
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All sources of your income from employment and other means will have to be provided when trying to get a home loan. You will need to provide your pay stubs, W-2 forms, and tax returns for the past two years. In addition, if you are receiving assistance from anyone with your down payment or closing costs, you will need to provide a signed statement from the source of your funds stating that this person is giving you the money as a gift and you do not have to pay it back. You will also need to provide savings and checking account information for about two to three months.
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Prior Housing History
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You will have to provide information regarding your current living situation, such as whether you rent or own your home, monthly payment amounts, and the length of time you have been at your residence, in addition to housing information for the past two years. If you rent your home, then your landlord will have to provide a statement attesting to the regularity of your monthly payments and what type of tenant you are.
Creditor Information
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You will have to provide account numbers, current balances, and payment amounts for all of your credit accounts. If you recently paid a creditor off but it is not showing as paid on your credit report, then you will have to get a letter from that creditor stating that your account is paid in full.
Identification
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As required by federal law to verify your identity, you will need to provide your Social Security card and driver's license. This safeguards you in ensuring that no one is illegally trying to purchase a home using your identity.
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