Loading

What You Need When Applying For a Home Loan

What You Need When Applying For a Home Loan
Updated on
March 24, 2021

It used to be that lenders mailed out verification to employers, banks, mortgage companies, and so on, in order to verify the data supplied by borrowers. Nowadays, the interest is often in speed and getting answers quickly so alternate documentation has become more widely used. Alternate documentation means that underwriting answers can be obtained with information supplied directly from the borrower instead of waiting around for verifications to come back in the mail.

What Do You Need When Applying for a Home Loan?

The following is required for most standardized loans as part of alternate documentation processing. Items may differ according to whether your loan is a conforming (Fannie Mae or Freddie Mac), non-conforming (jumbo) loan, government loan, or a portfolio loan.

Verifications are still mailed out, but usually as part of quality control procedures.

These are the things you need to supply to your lender to get a quick approval using alternate documentation.

Applying for a home loan

Proof of Income

  • W2 forms for the last two years
  • Pay stubs covering a 30 day period
  • Federal tax returns (1040s) for the last two years, if:
  • you are self-employed
  • earn more than 25% of your income from commissions or bonuses
  • own rental property
  • or are in a career where you are likely to take non-reimbursed business expenses
  • Year-to-Date Profit and Loss Statement (for self employed)
  • Corporate or partnership tax returns (if applicable)
  • Pension Award letter (for retired individuals)
  • Social Security Award letters (for those on Social Security)

Asset Items

  • Bank statements for previous two months (sometimes three) on all accounts. All pages.
  • Statements for two months on all stocks, mutual funds, bonds, etc.
  • Copy of most recent 401K statement (or other retirement assets)
  • Explanations for any large deposits and source of those funds
  • Copy of HUD1 Settlement Statement on recent sales of homes
  • Copy of Estimated HUD1 Settlement Statement if a previous home is for sale, but not yet closed
  • Gift letter (if some of the funds come as a gift from a family member)
  • Gifts can also require:
  • Verification of donor’s ability to make the gift (bank statement)
  • Copy of the check used to make the gift
  • Copy of the deposit receipt showing the funds deposited into bank account or escrow

Credit Items

  • Landlord’s name, address, and phone number (for verification of rental)
  • Explanations for any of the following items that may appear on your credit report:
  • Late payments
  • Credit inquiries in the last 90 days
  • Charge-offs
  • Collections
  • Judgments
  • Liens
  • Copy of bankruptcy papers if you have filed bankruptcy within the last seven years

Other

  • Copy of purchase agreement (if you have already made an offer)
  • To document receipt of child support (if you desire to show it as income)
  • Copy of Divorce Settlement (to show the amount)
  • Copies of twelve months canceled checks to document actual receipt of fund

FHA Loans

  • Copy of Social Security Card (or other documentation of social security number)
  • Copy of Driver’s license

VA Loans

  • Copy of DD214

Refinances

  • Copy of Note on existing loan
  • Copy of HUD1 Settlement Statement on existing loan
  • Name, address, phone number, loan number of existing loan/lender
How to buy a home

Applying for a home loan can be a tedious task but knowing the information required before you start the application process gives you an advantage because you can collect what you need before hand, which saves time for you and any potential parties in your real estate transaction.

Schedule an Appointment

Additional Real Estate Blog Articles

What You Need When Applying For a Home Loan
How to apply for a home loan
Whether your first second, or dream home, we find you the perfect property.
Applying for a home loan
We sell your home quickly & efficiently getting offers for your property.
What do you need to apply for a home loan
We find you the perfect office & commercial location for you.
What do you need to buy a home
Amazing Luxury Real Estate throughout Texas
What do you need to buy a home
Find the best residential, commercial & land investments.
Home loan applications
We help you relocate your home, business & life to Houston.
What Do You Need When Applying for a Home Loan?
Mortgages, Titles,  estates. Learn more about purchases.
What You Need When Applying for a Home Loan
Contact us for help with your real estate sale or purchase.

Texas Real Estate Information & Categories

the right property, the first time
Find your next property

Contact us to find your next property. We find you the best beginner or luxury home or commercial & business real estate opportunities.

home for sale on, New luxury Construction in Texas, New builds in Cypress
For Rent
For Sale
Luxury Home Build in Cypress, TX
10931 Water Hyssop Lane
new luxury listing in Cypress Texas, new home build or sale in Cypress, Luxury real estate in cypress TX
3
Bedrooms
home for sale on, New luxury Construction in Texas, New builds in Cypress
2
Bathrooms
home for sale on, New luxury Construction in Texas, New builds in Cypress
For Rent
For Sale
New Luxury Home Construction in Cypress, TX
13811 Friarstone Pointe
new luxury home listing in Cypress Texas, new homes for sale in Cypress, Luxury homes in cypress TX
5
Bedrooms
home for sale on, New luxury Construction in Texas, New builds in Cypress
5.5
Bathrooms
12714 American Sweetgum Way, New home Construction in Texas, New Home builds in Cypress
For Rent
For Sale
New Home Construction
12714 American Sweetgum Way
ew home listing in Cypress Texas, new luxury homes in Cypress, Luxury homes in cypress TX
4
Bedrooms
12714 American Sweetgum Way, New home Construction in Texas, New Home builds in Cypress
3
Bathrooms
Contact Our Texas Real Estate Experts Today

Schedule a Free Texas Real Estate Property Consultation

Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.
10931 Water Hyssop Lane for sale Luxury home construction
For Rent
For Sale
Luxury Home Build in Cypress, TX
10931 Water Hyssop Lane
new luxury listing in Cypress Texas, new home build or sale in Cypress, Luxury real estate in cypress TX
3
Bedrooms
home for sale on, New luxury Construction in Texas, New builds in Cypress
2
Bathrooms
Luxury real estate for sale in houston
For Rent
For Sale
Newly Built Luxury Home
11706 BRANDON WAY
Houston luxury homes for sale
5
Bedrooms
Luxury real estate for sale in houston
5.5
Bathrooms
Beautiful home in the Grand Lakes Community!
For Rent
For Sale
Lake View Property
7602 HAMPTON BAY LANE
Luxury homes in Grand Lakes
4
Bedrooms
Luxury real estate in Katy TX
3.75
Bathrooms
Luxury Living in Timberlake Village!
For Rent
For Sale
Custom, One Owner Home
22918 TIMBERLAKE CREEK
Luxury real estate in timberlake village
4
Bedrooms
Homes for sale in timberlake village
2.5
Bathrooms

The Latest from the Walkthrough Blog

Estimating Your Home's Equity
Downsizing as a senior involves emotional, financial, and lifestyle considerations. Explore practical tips on preserving memories, choosing senior living options, estimating home equity, minimizing tax burdens, and donating items. Pride Street Realty is here to guide you toward a smooth, fulfilling transition.
Home Ownership
House renovation project, boosting curb appeal, increasing property value
Learn how adult learners can strategically fund their college education through real estate flipping. Discover investment tips, market insights, and the benefits of flexible online education.
Professional Real Estate Resources
 measure space, organize move, stress-free downsizing, strategic advice, downsizing efficiently, proper management, simplify downsizing,
The process of home downsizing involves careful planning and organization. Learn how to avoid mistakes and make your move more manageable with insights from Pride Street Realty.
Tips For Buyers
Create a Competitive Bidding Environment
Office space costs are usually a company’s second or third largest expense. Lowering office space costs will significantly impact a firm’s profitability. In this article, we present seven cost-saving tips for firms considering a relocation or lease renegotiation.
Lease Agreements