Get All Your Docs in a Row: What You Need to Apply for a Home Loan
Avoid the nerve-racking stress of hunting down your financial documents after you’ve seen the house of your dreams and want to make an offer. You could very well lose out to other, more organized buyers who were ready to submit fully qualified offers.
Create what we call a Green File. Green for money, get it? It’s like a financial resume you will share with potential lenders. Here’s what should be in yours:
- Pay stubs from the past 30 days
- W-2 forms from your employer from the last two years
- Federal tax returns for two years
- Checking and savings financial statements (for the last 60 days)
- Statements from investment accounts such as IRAs, mutual accounts, stocks, bonds
- Credit card information
- Auto loans
- Records of other debts
- Investment property records
- 401K statements
- Life insurance
- Residential history for the past two years
- Proof of funds available for down payment and closing costs. If these funds are coming from a secondary source, such as a 401K, gift funds, etc., be prepared to provide documentation for that, too.
For more information about how to get ready to apply for a home loan, contact any of our knowledgeable brokers and agents at 888-400-ABIO (2246) or firstname.lastname@example.org.