Are you ready to apply for a home loan, but not sure where to start? Do you know what paperwork you need in order to apply for a home loan? We are here to help! Oftentimes, just getting through the application process is stressful, but it doesn’t have to be!
Find a lender
The very first step to applying for a home loan is finding a lender! At Flat Branch, you can locate a loan officer close to you by using our Locations page. Then, you may visit that loan officer in person, or you can call or email them.
While you can submit a general application through Flat Branch’s website, it can help to work one-on-one with your lender for the application process. The loan application may be done online or in person. Our loan officers utilize an app that can help you know what documents to upload.
What is needed for the application?
This is the biggest question when it comes to applying for a loan! It can be tough to know exactly what is needed to apply for a home loan, and this is one reason we suggest working with a loan officer during your application. However, it’s a good idea to have this information on hand for your application:
- Full name, birth date, Social Security number, and phone number.
- Marital status, number of children, and their ages.
- Residence history for at least two years. If you’re a renter, your rent payment is needed. If you’re an owner, all mortgage, insurance, and tax figures are needed for your primary residence and all other properties owned.
- Employment history for at least two years, including company name(s), address(es), phone number(s), and your title(s).
- Income history for at least two years. If you receive commissions, bonuses, or are self-employed, you must provide two years of bonus, commission, or self-employed income received.
- Asset account balances including all checking, savings, investment, and retirement accounts.
- Debt payments and balances for credit cards, mortgages, student loans, car loans, alimony, child support, or any other fixed debt obligations.
- Confirmation on whether you’ve had bankruptcies or foreclosures within the past seven years, whether you’re party to any lawsuits, or whether you have co-signed on any loans.
- Confirmation if any part of your down payment will be borrowed.
What paperwork is needed?
Paperwork can be difficult to keep track of, but there are some important documents we will need to verify information about you in order to approve your home loan. Your loan officer can assist with this, and our user-friendly mobile app will allow you to upload the documents electronically rather than bringing them in. This is a preliminary list of documents you will likely be asked to supply:
- Your government-issued ID
- Credit report authorization
- W2 forms for all jobs worked in the past two years
- Paystubs for at least 30 days
- All pages of personal federal tax returns for the past two years
- If self-employed or greater than 20 percent owner in a company, all pages of business federal tax returns for past two years
- If self-employed or greater than 20 percent owner in a company, a year-to-date profit and loss statement for the business
- Letters of explanation for credit inquiries, past addresses, and derogatory information on your credit report
- If you’ve had a bankruptcy in the past seven years, discharge papers are required
- If any tax liens on your credit report require further explanation, you’ll be required to provide full documentation for each instance
- If you intend to sell your existing home before closing on the new home, you’ll need to provide a listing agreement for the home, and it will need to close before your new home can close
- If you’re divorced and receiving (or paying) child support or alimony, a divorce decree will be required
- Most recent two months statements for all checking, savings, investment, and retirement accounts
- If you move money among accounts, you must provide all accounts even if you’re only using one account for the down payment
Other home loan application information
It’s important to note that while some of the documentation listed here seems quite personal, it is necessary to approve you for a home loan. It is also important to note whether you are purchasing or refinancing, what type of loan you are interested in, and information on the property you are intending to buy.
While it’s a great idea to reach out to a lender prior to filling out your loan application, this information can help you begin the application! We are always happy to help you if you get stumped, and we can provide you with individualized information if needed. Never hesitate to reach out, as we are always here to help!
