The Documents a Mortgage Lender Will Ask For
Gathering these first is the difference between a smooth application and three weeks of chasing.
Most mortgage delays are paperwork delays. The underwriter asks for something, you go looking for it, and a week disappears. Assembling the file before you apply removes most of that.
Income
- Pay stubs covering the most recent 30 days
- W-2 forms for the past two years
- Federal tax returns for the past two years, generally required if you are self-employed, earn commission, or have rental or investment income
- For self-employment: business tax returns, a year-to-date profit and loss statement, and often a letter from your accountant
- Documentation for any other income you want counted, such as Social Security, pension, child support or alimony
Assets
- Two to three months of statements for every account holding your down payment, closing costs or reserves
- All pages of each statement, including the ones that look blank
- Retirement and brokerage account statements if you are counting them as reserves
- A gift letter plus a paper trail if any part of the down payment is a gift
Identity and debts
- Photo identification and Social Security number
- A list of current debts: lender, balance and monthly payment
- Residence history for the past two years, with landlord contact details if you rent
Situational documents
- Divorce decree or separation agreement where support payments are involved
- Bankruptcy discharge papers if applicable
- Green card or visa documentation for non-citizen applicants
- Certificate of Eligibility for a VA loan
The one that catches people
Any large deposit that is not payroll will be questioned, because lenders need to know it is not an undisclosed loan. Keep the paper trail: the sale receipt, the transfer record, the gift letter. A deposit you cannot document may simply be excluded from your available funds.
Expect follow-up requests
Underwriters routinely ask for a letter of explanation about a gap in employment, an old credit event or an unusual deposit. These are normal rather than a sign of trouble. Answer specifically and attach evidence.
The CFPB's home buying guide covers what happens at each stage of the application.
This article is general information about how consumer finance products work in the United States. It is not financial, tax or legal advice and is not a recommendation of any specific product or provider. Rules and pricing vary by state and by institution.