9 Documents You Need for a Mortgage Application

When applying for a mortgage, you need to gather certain information to show identification, proof of funds, and debts. The application process can be tedious, so it’s best to come prepared with a checklist. Gather the following documents and you’ll have everything you need when applying for a home loan.

Documents You Need When Applying for a Home Loan

#1 Copy of a Photo ID

A valid driver’s license or passport are the most commonly accepted forms of id. However, in certain cases, other official forms of id may be accepted.

#2 Proof of Social Security Number

Include at least one of the following in your application:

U.S. Social Security card
1098 Form with full SSN (including 1098-C, etc.)
Bank, loan, or financial documents with full SSN
Pay stub with full SSN
DD214 with full SSN
NGB 22 with full SSN
W-2 Form with full SSN (including W-2C, W-2G, etc.)
SSA-1099 Form with full SSN (including SSA-1099-SM, SSA-1099-R-OP1, etc.)
Non-SSA 1099 Form with full SSN (including 1099-DIV, 1099-MISC, etc.)

#3 Last 30 Days of Pay Stubs

Plan to show at least 30 days of pay stubs from your current job, signed by your employer. If you receive bonuses, overtime pay, or commissions, bring corresponding payslips or a W-2 form to show these additions to your salary. Bank statements with income deposits may be accepted.

#4 Rental Payment History and Landlord Info

If you are renting a home, include proof of payments for your rental property over the past year. You’ll also need to provide your landlord’s contact details.

#5 Last 2 Years of W-2 Forms From Your Employer

To prove your employment status, include W-2 forms from the last one to two years. Check with your employer or the IRS if you don’t have these forms.

#6 Last 2 Years of Individual Tax Returns

What tax documents do you need for a mortgage? All pages and schedules of your last two tax returns should be included in your application. You may need to sign an IRS Form 4506-C, which allows lenders to access your tax transcript.

#7 Last 2 Months of Bank Statements

Bank statements from both your checking and savings accounts will need to be presented. These will verify that you can cover your downpayment and closing costs, plus have extra in reserve. Any large deposits will require explanation.

#8 Credit Report

In your file of documents for a home loan, include a credit report with your current score. Keep in mind that there are different requirements depending on the type of loan you are applying for. For example, a conventional loan typically requires a FICO® score of at least 620 while an FHA loan requires a score of at least 500.

#9 Residence History

If you own a home, include mortgage statements, tax bills, and your homeowner’s insurance in your application.

Miscellaneous

In addition to the primary documents for a home loan, bring the following, if applicable:

Last Quarter of Stocks/Bonds/Mutual Funds/401K

If you are planning to use money from retirement or investment accounts, include all the pages of the last three months of these accounts in your application.

Divorce Decree or Court Order Defining Alimony or Child Support

If you are dependent on alimony or child support payments, bring proof that these payments will continue for at least three years after the date of your mortgage application.

Information on Debts and Deferred Student Loans

All debts, including auto, credit card, and student loans will need to be reported in your application. These will easily be identified via your credit report.

Gift Letter

If you are using money that has been gifted from a friend or family member, a gift letter is required. This letter should be signed and dated by both parties involved. It should include the following: