Getting Documents Ready for Your Lender
There are several documents your lender is going to need from you up front. These are mandatory for your loan. It's best to be prepared up front instead of scrambling for these items later. Below is a basic list of items that are necessary. Of course, your lender may need more documentation according to each loan type and each buyer's financial background. For instance, if you have student debt, then that is yet another layer of documentation you will need.
- Last two years of your W2 statements
- Last two years of your 1040 federal tax returns, including all schedules
- Last two years of 1099's if self employed
- Copies of your last 30 days of paystubs
- Copies of your last 60 days of asset statements: checking, savings, etc.
- Copies of your most recent 401K or IRA statements with all numbered pages
- Copy of your driver's license
- Child support docs/spousal support docs/separation agreement/divorce decree
- Copy of your mortgage statement and your home owner's insurance policy if you currently own a home
- DD214 if using a VA loan
The lending practices today do require a lot of paperwork, so be prepared to collect extra documentation as needed and directed by your lender. The trick is to remain patient and keep moving forward toward your final goal.....getting a new home.