Documents You’ll Need for a Mortgage | Trusted American Mortgage

When they’re done signing for a mortgage many people feel they’ve put their names on most of the paper in the immediate area and it’s true, there’s plenty of paperwork in the process. Included in that is the documentation you’ll need to provide as part of the process.

If you’re thinking of buying a home soon and want to give yourself a head start, you may want to start tracking down and collecting all those documents.

From the readily accessible, such as identification, to the ones you may have to dig up, including your tax returns, here’s what you may need to provide as you go through the application process:

Identification: We’re starting easy here, since you probably have a state-issued identification card and know where it is. Your loan officer will let you know exactly what proof you need here, since it may include more than just your driver’s license, but that and a passport, if you have one, are a good start.

Rental History: You may need to provide documentation of the apartments or other places you rented, but not everyone will so you may actually want to check with us on this one before you start tracking down old landlords.

Proof of Income: You’ll need to be able to show you have a steady income that is sufficient to make the payments on the amount of debt you’re seeking to incur. This may require multiple pieces of documentation, including a couple pay stubs and your most recent W2. If you have other sources of income, such as trusts or freelance work, you’ll need to provide documentation of those, too.

Tax Returns: The idea here is the same, mainly about proving your ability to make the payments. You’ll likely need to provide at least the last two years’ worth of returns. You’ll also be asked to sign an IRS Form 4506-T that gives us permission to request information from the agency.

Documentation of Assets: Another in this series that’s all about creating a picture of your financial situation, this can include retirement savings, stocks, property and anything else that can show your holdings.

Gift Letters: Not everyone will need to think about this, but if you’re getting help from friends or family to make your down payment, you’ll probably be asked to provide a letter that shows the money is a gift. Many loans have restrictions on using borrowed funds, even those that come from close family members, for the down payment, so you’ll need to be able to show you aren’t expected to repay the money.

This isn’t an exhaustive list of the documentation you may need to provide during the mortgage application process. Our experts at Trusted American Mortgage can let you know what will be required.