Financing in West End>Question Details

Trulia Boston, Home Buyer in Boston, MA

What documentation does one need to provide in order to get their loan?

Asked by Trulia Boston, Boston, MA Mon Apr 29, 2013

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6
I would add that rental income can be used to help qualify for a loan. Leases would be helpful in proving this as well as a track record of rental deposits. If you have a complicated business, both business and personal returns would be needed.
0 votes Thank Flag Link Thu May 16, 2013
Here is the typical list. But there may be additional items required that might be unique to your
circumstance. Copies
1) Most recent months paystubs
2) Last two yeras W2s
3) Last two years Federal Tax returns
4) most recent two months checking and Savings bank statements ( all pages)
5) last quarters 401 K statement
6) copies of last 12 months rent checks.
If you filed bankruptcy in the last 7 years copies of your BK papers.
0 votes Thank Flag Link Wed May 1, 2013
There is quite a bit of documentation your lender will need in order for you to get a loan. It's best to consult with your lender, but some examples are the mortgage application, credit report, proof of income, bank statements, debts, etc...
0 votes Thank Flag Link Mon Apr 29, 2013
Please consult your lender as they would have a better idea.

Best of luck
0 votes Thank Flag Link Mon Apr 29, 2013
A mortgage broker or a bank loan officer can answer this question clearly.
Usually, credit worthiness, tax forms, offer letter, P&S, and such.
Some people may need more documents than others.
0 votes Thank Flag Link Mon Apr 29, 2013
Each lender will have their own criteria, but there are some basics that all lenders will require such as:

Mortgage Application - this is provided by the lender.
Credit Report - they will run this.
Proof of Income - W-2, pay stubs, profit and loss statements (if self employed) and/or tax records
Proof of Debts - credit card bills, evidence of all other monthly payments/debts
Bank Statements - at least for the past 30 days
Proof of Citizenship - Social Security Card, Passport, driver's license.

If you have other investment properties:
Profit and Loss Statements - including rental income

If you rent:
Rent Receipts - 12 Months showing rent paid on time.
0 votes Thank Flag Link Mon Apr 29, 2013
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