Loan Documents
What Loan Documentation is needed for a Real Estate Loan Application?
Each Loan Application requires documents to verify the information provided in your application. These documents are necessary for the bank or lender to determine your LTV, DTI, and Credit Score. The documentation also provides proof of employment, income and if you make your payments on time. We have provided a general list of documentation that is needed, however it is very common for the bank to request additional documentation for final loan approval.
For more information about what the bank is looking for in the documents, and how they calculate the LTV and DTI, please check out “McBride Guide for Home Financing” videos for a simple explanation.
(click below to see more videos about qualifying)
Specific Documentation
(Below is a list of the specific documentation that is generally requested. Remember if you are self employed, or a business owner, the bank generally requests additional documentation.)
The documentation starts with your identification, income, assets, a sales contract and proof of insurance (for a purchase), or a current mortgage statement, home owners insurance policy declaration page, and a HOA statement if applicable (for a home refinance). You will also need to sign some forms that authorize the lender to pull your credit, and to begin the application process. Remember, there may be additional documentation needed, but below is a list of the general items needed to obtain a loan to purchase a home or to do a refinance. You can click on the link below to print a copy.
Here is the Authorization Form
For your identification you will need to provide 2 of the following items:
Copy of all Borrowers Social Security Cards
Copy of all Borrowers Drivers Licenses
Copy of all Borrowers Passports
For proof of Income History you will need to include all of the following:
30 Days of most recent PAY STUBS for all all borrowers
Past 2 years of Tax Returns
Past 2 years W-2’s (or 1099’s for self-employed)
For proof of Assets you will need to provide the following:
2 months of Bank Statements (all pages)
Most recent 401K, retirement and/or brokerage account statement (if applicable)
Documentation for Rental properties (if applicable)
(Mortgage statements, HOA statement, Proof of Insurance, Rental contract)
For a Home Refinance Application you will need to provide the following:
Current Mortgage Statement(s)
Declaration page of your Home Owner’s Insurance Policy
Current Home Owner’s Association (HOA) Statement (If applicable)
For a New Home Purchase you will need to provide the following:
Signed Real Estate Contract for property with terms
Current Home Owners association (HOA) statement (if applies)
Proof of Insurance
Down Payment Amount $________________
You will also need to sign a Signature Authorization to authorize the lender to order and purchase an Appraisal.
Below are some PDF’s with a list of documents you can download and print.