A common question asked of our Tampa listing agents/Orlando listing agents/South Florida listing agents is what type of documentation is required to secure a home mortgage. Our next series of articles will discuss the information you need to be prepared to supply to your lender if you wish to be approved for a home mortgage. Let’s get started.
Proof of Income
Recent pay stubs, bank statements from checking and savings accounts, investment account statements and W-2’s for the past two years are among the items you may be asked to provide. If you are self-employed, you will need your past two years of income taxes, profit loss statements, 1099s, and possibly an itemized list of your accounts receivables. If applicable, you will need to declare any alimony and child support either paid or received. Be prepared to submit any additional documents your lender may ask for upon request.
Debts and Expenses
It is a good idea not to take out any new credit cards, lines of credit, or loans at least six months prior to applying for a home mortgage. While they will not kill the deal all together, debts and expenses certainly can complicate it. You will need to provide a full list of any unpaid balances including credit cards, loans, medical bills, lines of credit, etc.
Our next article will cover more documents and information you will need to provide to secure a home mortgage.
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