The Three Types of Documentation You'll Need for a Home Purchase
10/21/2010 Finding a mortgage lender and securing a loan is one of the biggest steps in the home purchase process. But as you may know, mortgage applications involve a lot of paperwork, especially for first time home buyers. We've listed some of the most common types of documentation you'll need to provide during the home loan process.
Proof of Income • W-2s to prove legal employment and employment eligibility • Pay stubs to provide evidence of consistent income • Tax returns to provide evidence of expenses • Award notices for social security or other retirement income
Proof of Ability to Pay • Bank statements to provide proof of cash reserves for down payment and closing costs
Other • Bankruptcy notices to alert your lender of any past bankruptcy history • Credit report for access to the best mortgage rates • Other legal documentation • Other miscellaneous items required by your lender
These three types of documentation are the most common that lenders require. Try to gather these items before you begin the application process so that you're ready when your lender requests them.
