What documents are required to get a mortgage?

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What documents will I need to provide to get a home loan?

Some loans will require more or less documentation, but these are the basic documents required by the majority of lenders on average mortgage transactions: 

Employed borrowers: 

• Two most recent years of W-2 forms 
• Two most recent years of federal tax returns, personal (all pages)
• Most recent 30 days of pay stubs 
• Current mortgage statement (if refinance) 
• Purchase contract and copy of earnest money check (if purchase) 
• Two months statements for any asset accounts (checking, savings, 401k, IRA, etc.) 
• Homeowner's Insurance agent's name and number
• Copy of driver's license or passport

Self-employed borrowers: 

• Two most recent years of federal tax returns, personal and business (all pages)
• Year-to-date profit and loss statement 
• Current mortgage statement (if refinance) 
• Purchase contract and copy of earnest money check (if purchase) 
• Two months statements for any asset accounts (checking, savings, 401k, IRA, etc.) 
• Homeowner's Insurance agent's name and number 
• Copy of driver's license or passport

Retired borrowers: 

• Two most recent years of federal tax returns, personal (all pages)
• Social Security award letter (if applicable)
• Pension award letter (if applicable)
• Current mortgage statement (if refinance) 
• Purchase contract and copy of earnest money check (if purchase) 
• Two months statements for any asset accounts (checking, savings, 401k, IRA, etc.) 
• Homeowner's Insurance agent's name and number 
• Copy of driver's license or passport

Special cases require special documents:

Not all borrowers have the same documentation required, because not all borrowers are the same. Here are some documents that may be required under certain conditions:

• Bankruptcy - Whether chapter 7 or 13, bankruptcy discharge paperwork is required if the bankruptcy is less than 7 years old.
• Child support - If child support is being paid or received, a copy of the divorce decree or agreement in place is required.
• Alimony/Spousal support - If present, alimony/spousal support that is paid or received must be supported by the divorce decree.
• Gift funds - If any portion of the borrower's assets are a gift, a gift letter and supporting documentation is required. 
• Other real estate owned - If any borrower owns other real property, mortgage, insurance and tax documents are required for each property owned. 
• Rental income - If a borrower rents out an investment property, a copy of the current lease is required. 
• Letters of explanation - A letter of explanation may be required in certain situations. It is simply a signed, dated letter from the borrower explaining a situation in detail to the underwriter. 

These documents will differ in certain situations and the underwriter (the person who approves a loan) may require additional documentation, but this is a general guideline for what will be required.  If any of the terminology is unclear or you have any specific questions, please do not hesitate to contact me for more info. 

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Website: Mortgage Rates in Arizona

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