Documents needed for a mortgage application

Why lenders ask for so much

A lender has to verify who you are, how much you earn, what you owe, and where your down payment came from before it can approve a loan. Each document answers one of those questions. Requirements vary by lender and loan program, so treat this as a typical list, not a guarantee.

Identity

• A government-issued photo ID.
• Your Social Security number, used to pull your credit report.
• Proof of legal residency, if you are not a U.S. citizen.

Income

• Pay stubs covering roughly the last 30 days.
• W-2s for the past two years.
• Federal tax returns for the past two years, especially if you are self-employed, earn commission or have rental income.
• Profit and loss statements, if you are self-employed.
• Award letters for Social Security, pension or disability income.

Assets

• Bank statements, typically for the last two months, with every page included.
• Statements for retirement and investment accounts.
• A gift letter, if a family member is helping with the down payment.

Large deposits that do not match your pay usually need a written explanation and a paper trail. It is easier to document them up front than to be asked later.

Debts and housing

• Statements for car loans, student loans and credit cards, if the lender asks for them.
• Your current lease or mortgage statement.
• Divorce decrees or child support orders, if they apply.

The property

For a purchase, the signed purchase contract. For a refinance, your current mortgage statement and homeowners insurance declaration page. The lender orders the appraisal itself.

Tips to move faster

• Upload full, legible documents. Cropped or missing pages are a common reason for follow-up requests.
• Answer questions about employment gaps or large deposits as soon as they come up.
• Do not open new credit or change jobs during the process without telling your loan officer.