MORTGAGE DOCUMENTATION

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Mortgage documentation for purchasing property and refinancing

Most conventional mortgages and FHA loans require documentation to show your financial ability to payback the mortgage.  In order to reach a decision, mortgage underwriters analyze the documents listed below to grant an approval or deny the applicant.   One of the first items that is looked at is your debt to income ratio, which is a ratio between your current income vs your short and long term debt.  The second factor is your loan to value ratio, the amount you’re putting down vs the homes current market value, and this is just to name a few.  All of these come from the requested documents.  Having all the pages for documents requested will help speed up the process because you don’t have to worry about underwriters coming back to ask for the same items.

Please feel free to contact me with any questions regarding the pre-approval process or any mortgage related questions.  So, without further delay, here’s a list most conventional and government insured mortgages will ask for:

  • Past 2 years of tax returns (All schedules. If applicable, include your W2’s or 1099 statements)

  • Paystubs – Going back a minimum of 30 days.

  • Personal Bank Statements – Previous 2 months.  Include all pages. (checking, savings, investment accounts)

  • Government Issued Photo ID (Driver license, Identification card)

  • Gift Letter – Required if any portion of down payment is a gift

Additionally for refinances you’ll need to include the following:

  • Most recent mortgage statement.  For the property being refinanced and all other properties, that have a mortgage.

  • Insurance declaration form. (For all properties owned)