What documents do I need to provide to get a home loan?

Getting a home loan in the U.S. requires thorough preparation. Before applying for a loan, you should know exactly what documents you need to submit so that you are as prepared as possible. The information you must provide to get a loan varies depending on the lender you are working with and the type of loan you are seeking.

General Documentation Requirements

Generally, a lender will require that you provide proof of income, employment, and credit history. In addition, you will have to provide documentation of your assets, such as savings and investments. Furthermore, you must provide documentation detailing your current debts and other liabilities.

Proof of Identification

To obtain a home loan, you must provide proof of identification. In most cases, a valid form of ID is required, such as a driver’s license, passport or state-issued ID. Depending on the lender, you may also be asked to provide a Social Security number or other form of identification.

Proof of Income

Lenders may also require that you provide documentation of your income. This can include two or three of your most recent paystubs, recent tax returns and/or W-2 forms. You may also be asked to provide proof of any other income you are receiving, such as Social Security or disability payments.

Proof of Assets

In addition to income documentation, you must provide proof of assets. This includes providing statements from your bank, brokerage and other accounts showing the available funds you have access to right now. You may also need to provide statements from any investments, including retirement accounts.

Credit Report and Score

Most lenders will require that you provide a credit report and associated credit score. Your credit score is an important factor in the loan application process. The lender will most likely pull your credit from the three major credit bureaus: Experian, TransUnion, and Equifax.

Summary

To get a home loan in the U.S., you must provide a variety of documents, including proof of identification, income, assets, and credit history. To be as prepared as possible, you should familiarize yourself with the requirements before you apply for the loan. This will help you receive the best terms and the lowest interest rate possible.

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