(866) 508-4326

info@flat-branch.com

Home Loans 101: Documentation typically needed to secure financing

Shawn Von Talge



02-18-2015

Loan Documentation List

With the spring and summer buying season soon approaching (hard to believe given it’s 9 degrees outside) I thought I would shed some light on the typical documentation required in order to secure residential loan financing. Let me first start by saying that every individual scenario is different and as such what one client may be required to document/provide may be completely different than another. This is in large part due to several underwriting nuances that present themselves throughout the process of originating your loan. Examples of when these nuances can arise include if you are self-employed, have a portion of income that is commission and/or bonus-based, own rental property, are recently divorced, plan on retaining your current residence, and various others.

The documentation required to satisfy each of the agencies (Fannie Mae, Freddie Mac and/or Ginnie Mae) guidelines as it relates to the above scenarios differs. If none of the above examples apply to your individual scenario you will likely be asked to provide less documentation. A seasoned mortgage professional will provide you with a detailed list of all documents needed to process your loan. This is provided that your application is properly filled out and accurate. That’s not to say there won’t be something asked for down the line (there usually is). This is because it’s near impossible for an underwriter to review your loan and say “yep, we are done here’s your check and see you at closing”. This utopia world does not exist and it’s not a reasonable expectation to place on yourself nor your mortgage professional. However, a good loan officer should be able to cover 95%+ of the documents you need up-front and explain why they are needed.

Below is a bare minimum snap shot of what is typically required on a purchase transaction. Again, given your individual scenario this list could expand.

▸ Most recent pay stub supporting YTD income

▸ Most recent year’s W2

▸ Most recent year’s federal tax return (all pages and schedules)

▸ Most recent bank statements (checking and savings; all pages)

▸ A Copy of your driver’s license

▸ Any other asset statement(s) if needed for your loan (i.e. 401K, IRA, stocks, etc.)

Thanks for reading and stay warm!

Get Your Quote Today:

Please fill out the form below to receive a no-obligation quote on a home loan with Flat Branch.
 
Loan Type
Loan Amount
Credit Rating
Prop. Zipcode
  
First Name
Last Name
Phone
Email
  
How did you hear about us?
  
How can we help you?
I Agree With The
Terms And Conditions