When applying for a mortgage, it’s crucial to gather the right documents to ensure a smooth process. While the exact documents needed can vary depending on the type of loan—such as Conventional, FHA, VA, USDA, Foreign National, ITIN, or non-conforming loans—here’s a comprehensive guide to help you understand the general requirements. Income documentation is often the most critical and complex part of the application process. Please review our list and let us know your thoughts.

Income Documentation for All Loans (except 12 or 24-month bank statement loans, Foreign Nationals)

  • Past 2 years of W-2s (end-of-year paycheck stubs may be considered)
  • Explanations for large deposits (50% or more of monthly income)
  • Full month of recent paycheck stubs
  • Two most recent months of bank statements and/or securities statements (if using assets as income, provide 12 months)
  • Other sources of income (annuities, pensions, dividends, interest, etc.), with documentation showing income lasts for 3 years
  • Rental income documentation (include all pages of the lease). An appraisal might be required for FHA loans if rental income wasn’t claimed on last year’s tax return.
  • Business ownership (25% or more): Past 2 years of complete tax returns (all pages) and 3 months of business bank statements. Also, provide signed and dated year-to-date profit and loss statements, and a current balance sheet. If self-employed and W-2 yourself, provide 2 years of W-2s and personal and business tax returns.

General Information for All Loans

  • Credit report (showing all liabilities)
  • 2 years of reportable tradelines
  • Recent full month of paycheck stubs
  • Copy of ID/Passport (including Green Card, work permit, or other relevant documents)
  • Completed 1003 application (including phone number, email address, and a 2-year address history)
  • Homeowners insurance and flood insurance declaration page (for purchase, need insurance quote on the purchase contract)
  • Gift letter (if receiving a gift for the home purchase, note that FHA may restrict gifts to direct family only)

Additional Documents

  • Purchase contract (if applicable)
  • Escrow letter and proof of down payment, including the bank statement where it originated (for purchases)
  • Homeowners association coupon slip (for refinancing)
  • Estoppel of homeowners association (for purchases)
  • Master homeowners and flood policy (if in a homeowners association)
  • Divorce decree (if applicable)
  • Proof of any properties being free and clear (such as homeowners insurance declaration page, if applicable)
  • Grant information (if applicable)
  • FHA addendum (for purchases)

VA Loans

  • Certificate of Eligibility (for VA loans only)

Foreign National Loans

  • Letter of Good Standing (for Foreign Nationals)

ITIN Loans

  • Relevant documents from the lists above

If you’re refinancing and need a pre-approval, apply with MortgageQuote.com to start the process. We’re here to guide you through your pre-approval journey.