Thanks to today's tightening credit standards, you may need more paperwork than ever when applying for a new home loan. Below is a comprehensive list of items you may be required to bring along when you visit your lender to begin the loan application process: (please note, all lenders are different and may require more or less paperwork!)
Employment/Income
- Addresses of employers for two full years
- Gross monthly income, proven by last two pay stubs
- W-2's, if available
- Proof of pensions, retirement, disability, or Social Security
- Proof of income from rentals, investments, etc.
- Proof of child support or alimony paid/received
- Self-employed: two years 1040 tax returns
- Current year profit and loss statement
Creditors
- Each creditor's name and type of account
- Account numbers
- Monthly payments and approximate balances
- Amount of child care expenses
Banking
- Names of checking & savings institutions
- Account numbers and current balances
- Last two months bank and savings statements
Miscellaneous
- List of assets in stocks, bonds, land
- Life insurance cash value
- Social Security numbers for all parties
- Veterans: Certificate of Eligibility & DD-214 or Statement of Service
- Divorce Decree and/or Separation Agreement if applicable
- Child support documentation if applicable
- Bankruptcy papers if applicable
This may seem like an unreasonable amount of work to have to do on your part just to get a home loan. But imagine if you were about to lend hundreds of thousands of dollars to somebody you'd probably want a pretty good idea of that person's ability to pay you back!
Please click here to get started searching for homes in Huntsville AL. You can also visit my website or email me to learn more about Huntsville AL real estate. I'm here to help!