If you are reading this article it means that you have probably made the decision to buy a home. This is an important milestone in your life and should be filled with excitement, not stress over what documents you need.
At Buffington Mortgage Group, we get you prepared and secure the best deal for you.
Part of being ready for the loan process is making sure that you have all of your documents ready to submit to the loan processor.
You might be asking yourself, “What documents am I going to need?”
After the market crash in 2007, the mortgage industry underwent significant changes to ensure no fraud was being committed on home loans. Due to this, potential home buyers now require additional documentation.
If you are able to collect the following paperwork ahead of time, it will make the processing and underwriting process go quicker.
Each person and loan are different. Therefore, depending on your situation and needs, you may need different or additional paperwork.
However, the following documents are typical for each loan.
- Copies of your pay stubs covering the most recent 30 days.
- Copies of your W-2s and/or 1099s for the 2 most recent tax years.
- Copies of any award letters if you receive retirement income.
- Complete copies of your two most recent year’s tax returns.
Self employed or just graduated? If you are self-employed, which means you have more than 25 percent ownership in a business, provide us with the tax returns for the most recent two years plus all schedules.
If you just graduated within the past two years, we will need copies of your transcripts.
- Complete copies of bank account statements from the last 60 days for any account you are using for the transaction.
Large deposit on bank statement that is not payroll or a transfer from one of your other accounts? Include an explanation letter along with paperwork documenting the source of the deposit. This paperwork should include a copy of the check or the deposit slip.
- Copies of your driver’s license and social security card.
- If known, the name and phone number of the home owner’s insurance agent that will be providing the coverage on your new home. (You do not need to know who you are choosing as your home owner’s agent at this time. The Buffington Mortgage team would also be happy to refer you to an agent.)
- If you recently sold a home, the complete copy of your executed closing document (CD.)
Permanent Resident Alien or don’t want to use your social security card? A passport can be used in lieu of a social security card. If you are a permanent resident alien, we will need a copy, front and back, of your resident alien card.
The Buffington Mortgage team can help you figure out exactly what paperwork you need and help you identify who to contact if you do not have this paperwork already.
About Buffington Mortgage
Our job is to get you in the right type of loan program for you. Let our team guide the way. We will help you get pre-approved, which will put you in a position to win the offer. For more information, give us a call today at 512-672-4729 or check us out on Facebook.