What Documentation is Required to Get a Mortgage?

What Documentation is Required to Get a Mortgage?When you’re in the process of seeking a mortgage, there are several pieces of documentation that will be required.

The complete list of requirements is slightly different from one person to the next.

Nevertheless, there are some universal pieces of documentation that are required for all mortgage applicants.

With that in mind, let’s look first at those consistently required and then the specific requirements related to VA loans.

Universally Required Documentation

Filling out a standard mortgage application will alert to the types of documentation expected.

  • The applicant will need to sign an agreement that will allow the lender access to several pieces of the applicant’s personal information.
  • The applicant’s social security number and credit report are the most significant personal data collected once the applicant grants permission.
  • Generally, a month’s worth of pay stubs and two years’ worth of W-2s are also expected.

The lender requires the information related to this disclosure agreement to assess the applicant’s financial and employment history so as to make an informed decision regarding the loan request.

Once all the disclosures have been signed, if a lender approves a mortgage application, more personal information will be gathered from the new client in order to help find the best possible fit among the different options available.

At this time, identification including a driver’s license will be required. Further financial documentation will be necessary in this stage of the mortgage planning process.

These include bank statements, and employment verification.

Documents Relating to the Home

Furthermore, documentation will be required related to the home for which the client seeks the mortgage loan. This paperwork includes

  • the purchase contract
  • a copy of the earnest money deposit check that was written for the real estate transaction
  • preliminary title report
  • proof of any insurance covering the house
  • an asset assessment

Further Documentation May be Required

Depending on the type of mortgage sought and other individual variables, further documentation may also be required.

  • Additional bank statements and pay stubs may be requested.
  • If self-employed or otherwise employed without a W-2, a business license or CPA letter may take the place of the W-2 requirement.
  • Some situations require documentations of a property appraisal.

Documentation Expected for a VA Mortgage Loan

If seeking a mortgage while in military duty, a Statement of Service and Certificate of Eligibility (COE) will be required.

For those not currently serving, a COE is still required; proof of prior military service will be required in the process of making the request for this documentation.

Additionally, the DD-214 is required for those not presently serving in the military.

How to Get Your VA Documents

The Statement of Service can be obtained by contacting the applicable commander, personnel office, or adjutant.

The lender may have access to the Automated Certificate of Eligibility (ACE) system, through which eligibility can be determined via an online application for the COE. Most lenders have access to this ACE system, although ACE can only process eligibility for people that the VA has enough personal information about.

If ACE does not work, then the COE can be obtained through submitting VA form 26-1880 with the request for this certificate to the Winston-Salem Eligibility Center.

Every person seeking a mortgage will need to go through a process that requires much documentation.

The specifics differ from one person to the next. Yet, enough consistency exists among mortgages in general, and especially among specific VA loans that this should help as a guide to know what is needed when applying and meeting with a lender.

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