One of the most important things when obtaining a mortgage these days is having your loan documentation available. Lenders are required these days to back up your qualifications with satisfactory documentation. This can be a tedious process but if you get organized early you can avoid surprises during the process.
Most lenders will accept either faxed, mailed, or emailed documentation. Start by making both a paper folder as well as a computer folder where you will store all of your financial information required for the loan process.
As a general note, whenever a document is referred to it means the entire document. In other words if you have a 7 page bank statement, you will always need to submit the full 7 pages.
1) Find your W2s and federal tax returns covering the last 2 to 3 years. You will not need the state returns, just the federal. Tip: Sign and date your copy of the tax returns prior to giving to your lender.
2) Bank statements. If you have online banking, simply download the entire statement. In most cases a simple print-out of the web page is not satisfactory. The statement you download must include the bank name, the account number, your name, etc. This is usually only shown on the actual bank statement.
3) Investment statements. Most of these are only issued quarterly and lenders will generally accept the most recent quarterly statement.
4) Child Support or Separate Maintenance. Whether you owe it or receive it, you may need to document it. In this case you will need a copy of the entire court decree. If you are using it for income they will also need copies of the deposits into your bank account showing you receive it regularly.
5) Previous Foreclosure or Bankruptcy. You will need to provide verification of the dates of these. If you don’t have the paperwork handy check with your attorney.
While this is not a complete list of documentation that you may or may not need for your home purchase, it should give you an idea of the types of documentation you will need. By getting organized early and providing complete documentation early to your lender you will avoid surprises during the loan process.