We're finally ready to buy a house. Since we've never been through the process, we're trying to be as prepared as possible. What types of documents should we expect to have to provide?
There are three categories of documents that will be used in connection with your home loan application. The first category includes documents that you will fill out. These will be provided by the lender. They include the application itself, a document that attests to the fact that you did not borrow your down payment, a consent to credit check, and perhaps some other miscellaneous documents required by a particular lender.
The second category of documents will be those that you have in your own records and you furnish to the lender. Those would include a copy of your most recent bank account statement(s) showing that you do indeed have the cash necessary to make the down payment; a copy of your W-2s from the most recent year, showing the salary you received, as reported by your employer to the IRS; and perhaps a copy of any 1099s from payers of interest, which would show what you earned on savings the previous year. If either of you is self-employed or your income is from a business you own, expect to have to produce tax returns, too. They may also want financial statements.
The third category will be documents obtained by your lender from third parties. Those would include credit reports, an appraisal, and perhaps an inspection report, termite inspection report, survey, title opinion, and other documents that prove to the lender l) that you are creditworthy; 2) that the value of the property is sufficient to support the loan; 3) that the property is in acceptable condition; and 4) there aren't problems with the title/ownership to the property.
BankingQuestions.com is a free service made possible by the generous support of our advertisers. Advertisers are not responsible for site content. Please help us keep BankingQuestions.com FREE by supporting our advertisers. When you see an ad for a product or service you may have an interest in, click through to learn more.
Accounts
Article
Q&A
Podcast
Video
Blog
Discussions
PDF
Powerpoint
There are three categories of documents that will be used in connection with your home 