Your Mortgage Document Checklist: What to Gather Before You Apply

When you are trying to buy on a timeline, paperwork can be the difference between closing on schedule and waiting another week. The good news is that most of what lenders ask for is predictable. Gathering it before you apply can make pre-approval faster and keep your loan moving once you are under contract.

Income Documents

Lenders need to confirm that your income is steady and likely to continue. Typical requests include:

• Recent pay stubs, usually covering about a month.
• W-2 forms from the past two years.
• Federal tax returns, especially if you are self-employed, earn commission or have rental income.
• For self-employed borrowers, business tax returns and sometimes a year-to-date profit and loss statement.
• Award letters for Social Security, pension, disability or other benefit income.

Asset and Account Documents

Your lender will want to see where your down payment, closing costs and reserves are coming from.

1. Bank statements: Usually the most recent two months, with all pages included.
2. Retirement and investment statements: If you plan to use those funds or count them as reserves.
3. Gift letters: If a family member is helping with your down payment, expect a signed letter and proof of the transfer.
4. Explanations for large deposits: Be ready to document any unusual deposits that are not from your paycheck.

Identity, Credit and Housing History

You will need a government-issued photo ID, and you will authorize the lender to pull your credit. If anything unusual shows up, such as a past late payment or a recent inquiry, your loan officer may ask for a short written explanation. Some lenders also ask for your rental history or landlord contact information.

Once you find a home, a few more documents join the pile, including the signed purchase contract, proof of your earnest money deposit and your homeowners insurance information. Your loan officer will request these as the file moves toward closing.

Veterans applying for a VA loan will also need proof of eligibility, which your loan officer can often help request. Buyers using an FHA loan or other programs may have a few program-specific forms as well, and your loan officer will let you know if so. If you are divorced or pay or receive child support, have a copy of the relevant court documents handy.

Tips to Keep Things Moving

• Create one folder, digital or paper, for everything mortgage-related.
• Answer requests from your loan officer quickly. Delays often come from waiting on a single missing page.
• Keep your finances steady: avoid new credit, big purchases or job changes until after closing.
• Stay flexible on neighborhood, property type and closing date if you are working against a deadline.

If you are buying for the first time, our first-time home buyer page explains what happens after you apply.

Want a personalized document list for your situation? A FLO Mortgage loan officer can tell you exactly what to gather. Meet our team and get started.

This article is for general education and is not a commitment to lend. All loans are subject to credit approval, underwriting guidelines and program availability. FLO Mortgage, Company NMLS #1835856. Equal Housing Opportunity.