5 Times You’ll Need Extra Paperwork To Get A Mortgage
Courtesy of Realtor.com
When you apply for a mortgage, some of the initial information lenders will probably ask for includes:
~ Tax returns for the past two years
~ W-2s for the past two years
~ Pay stubs from the past 30 days
~ Asset reports for the past 60 days
However, any of the following circumstances that impact your finances will require additional paperwork:1. You have undocumented money
Lenders cannot ignore money in your bank account that can’t be documented by wages, so be prepared to provide a paper trail on the source of that money.
2. You’re divorced
You’ll need to provide a copy of the full divorce decree with all pages and schedules, including the marital settlement agreement. Even if you mark the “single” box on the mortgage application, lenders run a background check and will see your previous marital statuses.
3. You’ve been through a short sale or foreclosure
Most mortgage loan programs have a waiting time to be eligible for new financing, and you’ll need to provide a copy of the final settlement statement and/or trustee’s sale deed.
4. You’ve filed for bankruptcy
You’ll be required to supply all the pages and schedules from your bankruptcy, including the schedule of creditors specifically identifying everything associated with the discharge. The discharge date is the date at which the waiting time starts to secure new mortgage loan financing.
5. You’ve had a loan modification
You will need the full loan modification agreement you signed with your original loan servicer when you apply for a new mortgage.
Lenders do not intentionally try to make you provide more paperwork when buying a home. Based on your financial picture it might be necessary in order to meet federal compliance regulations all lenders must abide by. If anything identified above exists in your past or your financial picture is unique, make sure to have supporting documentation and a seasoned loan professional working in your best interests.
The Brandee Kelley Group wholeheartedly recommends Don Kelly at Affiliated Bank. Don is an experienced mortgage loan professional and he will be your very best asset in gaining mortgage loan approval to buy the home of your dreams!
Please contact the Brandee Kelley Group for any questions you may have about qualifying for mortgage financing.