What Documents Do You Need to Get a Mortgage?

Buying a home is an exciting journey, but when it comes to getting a mortgage, many first-time homebuyers wonder, “What documents do I need?” Having the right paperwork ready can make the process smoother and help you get pre-approved faster. Let’s go over the essential documents lenders typically require.

1. Proof of Income

Lenders need to verify your income to ensure you can afford the loan. You’ll typically need:✅ Pay Stubs – Most lenders require your last 30 days of pay stubs.✅ W-2 Forms – Usually from the past two years.✅ Tax Returns – If you’re self-employed or have variable income, lenders may request your last two years of tax returns.

If you have additional income sources (such as rental income, bonuses, or commissions), you may need to provide documentation to verify those earnings as well.

2. Proof of Assets

Lenders want to see that you have enough funds for a down payment and closing costs. You’ll likely need:✅ Bank Statements – Your last two months of statements for all accounts, including checking and savings.✅ Retirement & Investment Account Statements – If you plan to use funds from a 401(k), IRA, or brokerage account, you may need statements for those accounts.✅ Gift Letters – If someone is gifting you money for your down payment, lenders require a formal letter stating that the money is a gift, not a loan.

3. Employment Verification

Your lender will verify your employment to ensure you have a stable income. This may include:✅ Employer Contact Information – Lenders may reach out to your employer directly.✅ Verification of Employment (VOE) Form – Some companies require a formal verification process.

If you're self-employed, you may need to provide:✅ Profit & Loss Statement – To show your business income and expenses.✅ Business Tax Returns – Usually required for the past two years.

4. Credit & Debt Information

Your credit score and existing debts play a big role in determining your mortgage terms. Lenders will check:✅ Credit Report – They will pull your report, but you should review it beforehand for accuracy.✅ Debt Statements – If you have car loans, student loans, or credit card debt, be prepared to provide account statements.

If you have any recent large deposits or withdrawals, be ready to explain them, as lenders look for financial stability.

5. Identification & Legal Documents

To finalize your mortgage application, you’ll need:✅ Government-Issued ID – Driver’s license, passport, or state-issued ID.✅ Social Security Number – Lenders need this to verify your credit.✅ Divorce Decree or Child Support Orders – If applicable, these documents may be required to determine financial obligations.✅ Bankruptcy or Foreclosure Records – If you’ve had past financial difficulties, lenders may need documentation on those events.

Be Prepared for Additional Requests

Every mortgage situation is unique, and lenders may ask for additional documentation. Being organized and responsive can help keep the process moving smoothly.

Final Thoughts

Gathering the right documents ahead of time can make your mortgage application process much easier. If you’re unsure about what you need or want help getting started, reach out! I’m happy to guide you through the process and ensure you have everything in place to secure your home loan.