The process of applying for a mortgage is extensive, and timing is crucial.
By Jeremy Hart
One of the best things you can do when applying for a mortgage is to be prepared up front. Your lender will need some information from you to get started, and having that information gathered will help save you time as you begin the process of buying your home! With that in mind, here’s a list from the Virginia Association of Realtors to help you get started.
INFORMATION YOU’LL NEED:
- Your complete addresses for the past two years
- Names and addresses of landlords for past two years (if you rented)
- Names and addresses of all employers for the past 24 months
- Explanations for any negative information on your credit report
- Explanations for any bank deposits other than your usual paycheck (gifts, child support, etc.)
- Names and addresses of anyone whose name will be on the title, but not on the mortgage application
DOCUMENTS YOU’LL NEED (be sure to include all pages, including any blank pages):
- Identification, including Social Security card (for FHA loans)
- Pay stubs from the past 30 days
- Federal tax returns (including all schedules, W-2 or 1099 statements, and K-1 statements) from the past two years
- Statements for all checking, savings, investment, and retirement accounts for the past 60 days
- Statements for any installment loans (credit cards, car payment, student loans, child support, etc.) for the past 60 days
- Evidence of mortgage and/or rental payments for the past two years, such as canceled rent checks or bank statements
ADDITIONAL INFORMATION YOU MAY NEED:
- If you’re self-employed: current year profit-and-loss statement
- Documentation of any income from child support or alimony
- If you’ve filed for bankruptcy: any related court paperwork and (possibly) a written explanation
- If you’ve recently sold a property: HUD-1 statement
- If you’re divorced: your divorce decree
- Property-owners association contact information and by-laws for the property you plan to buy
Documentation requirements will vary based on lender and loan type. Work with your local lender on your financing options. Find out more about homeownership issues here.
Jeremy Hart is the Managing Broker of Nest Realty, New River Valley, and the 2014 NRVAR REALTOR of the Year. His interest are as varied as his expertise. Whether you just need to buy or sell home, or you want to learn more about your new community and how to get involved—give Jeremy a call, send him an email, or better yet, just stop him as you see him around town and say hi!