In order for your loan officer to submit your loan to the lender/underwriter they will require documents to verify your identity, income and assets. Below is the general list of documents that will be required to begin the loan process
Paystubs – you will need to provide the last 30 days of paystubs. One if you are paid monthly, 3 if you are paid bi-weekly, and 5 if you are paid weekly
W-2s – you will need to provide the last 2 years of W-2s
Federal Tax Returns – if anyone on the loan application is self-employed you will need to provide the last 2 years of Federal Tax Returns (all schedules). Also, if anyone on the loan application is paid commission or bonus income and that commission or bonus income is more than 25% of their annual income, you will need to provide the last 2 years of Federal Tax Returns (all schedules). If your loan will not be closing until after the IRS Tax Filing deadline, and you have filed an extension you will need to provide a copy of the extension and the previous 2 years Federal Tax Returns.
Bank Statements – lenders will require your last 2 months bank statements. Make sure to include all the pages, and that they are actual bank statements that show all activity (deposits/withdrawals) for the time period. Some lenders will not accept online print outs.
Retirement Account Statements – you will need to provide the last quarterly statement for any retirement account statements. Again, make sure to include all the pages. Keep in mind that lenders will only count 60% of your retirement account balance as usable assets.
Drivers License – you will need to provide a copy of your driver’s license to verify your identity. Make sure that your driver’s license is not expired.
IF APPLICABLE
Divorce Decree – if you have went through a divorce within the last 7 years you will need to provide a copy of your divorce decree.
Social Security Awards Letter – if you receive any type of Social Security Income you will need to provide a copy of the most recent Social Security Awards Letter along with bank statements documenting receipt of the income for the past 2-3 months.
Gift Letter – if any of your down payment or cash required to close your loan is from a Gift you will need to complete a standard Gift Letter. The letter will need to be signed by you and the donor. Along with the Gift Letter, the lender will also require proof that the donor had the funds to give (copy of their bank statement), a copy of the check that they give you, and an updated bank statement from you to verify that it has been deposited.
Each situation is different, and the above list of documents is not meant to be all-inclusive. Lenders may require other documentation from a loan applicant, a good loan officer will be able to help you determine what will be required up front.