Welcome Home Loans, Inc. can help you get pre-qualified and on your way to home ownership or refinance! While each person’s loan file is different, here is a list of the documentation you can expect to provide when buying or refinancing your house.
Identity verification and account authorization
To confirm that we verified your identity for your loan file, you’ll be asked to provide the following:
- Scan of driver’s license(s)
- Immigration ID, if not a U.S. Citizen
To qualify for your mortgage, you’ll need stable, verifiable income. Be ready to supply the following documentation for your file:
- Most recent pay stub(s) to cover a consecutive 30-day period
- Most recent two years W-2(s)
- If any self-employment in last two years, provide two most recent Federal Tax Returns with all schedules.
- If any ownership in an LLC or corporation, provide K-1(s). If > 25% ownership, provide full business Federal Tax Returns with all schedules
- Divorce decree and/or child support agreement to document any spousal or child support payments you receive
- Explanation for any gap of 30+ days between jobs
- If retired, most recent social security award letter and/or most recent statement for any pension income to verify gross monthly benefit
To ensure you’re in a good financial position to take on a mortgage, you’ll need to document all asset accounts used to help you qualify, as well as accounts to be used for down payment, closing costs, or any reserves that may be required for your loan. Be ready to provide the following:
- Most recent two months’ statements (all pages) for any accounts which will be a source of funds for earnest money, down payment and/or reserves
To qualify you for a mortgage, Welcome Home Loans will need a complete picture of your credit accounts. We’ll get most of the information needed from your credit report, which we will run during the pre-qualification process. However, there are some monthly payments that either are not present on a credit report, or may not show the correct payment amount. Be ready to provide the following documents:
- Home insurance declaration page for any currently owned real estate that will be retained
- Most recent mortgage statement for any financed real estate that will be retained
- Student loan verification letter
- Copy of divorce decree and/or child support agreement to show any support obligations
- Any new liability that does not appear on your credit report yet, provide documentation to show the creditor, balance, and payment amount
Keep in mind that additional documentation may be required based on your situation on the loan program you choose. If you are local, we are always happy to sit down with you in our office and walk you through obtaining the correct documentation for any of your online accounts. Feel free to contact us at any point for clarification on your loan requirements.