Remember the times when you could buy a home with no paperwork? Yes those times are sure gone for good. The mortgage industry has changed and evolved tremendously after the mortgage and financial crisis of 2008. Now-days banks go trough many layers of checking and ensuring that each borrower is ready and able to take the big step of purchasing their home. However, don’t let this intimidate you. That is why it is very important to have the right knowledgable loan officer by your side to help you with your mortgage needs.

Here are the basic documents required for loan processing:

  • Most current pay stub showing at least 30 days of year to date income

  • Past two years’ W2s from current and past employers

  • Two years of personal tax returns

  • Gift letter for the down payment (if neccessary)

  • Bank, investment or retirement account statements covering the past two months (all pages)

  • Current homeowners insurance declaration page

  • Most recent mortgage statement

  • If ever divorced, a complete divorce decree and separation agreement

  • If ever declared bankrupt, complete bankruptcy papers

  • Credit explanation letter for any recent or significant derogatory credit issues

  • Inquiry explanation letter if you’ve applied for any forms of credit in the past 90 days

This process often seems overwhelming, especially for first time home buyers. But if you’re working with a skilled team like our MortgagedLA loan officers, it doesn’t have to be.