Embarking on the journey to homeownership requires careful preparation, and at the forefront is securing a mortgage pre-approval. While the process may seem daunting with its paperwork labyrinth, the benefits, including a strengthened offer and seller confidence, make it an indispensable step. To demystify the document-heavy path, we've compiled a comprehensive checklist tailored for one of the most common loan types—FHA mortgages. Whether you're new to the homebuying process or looking to streamline your pre-approval, our guide ensures you have the essential documents in hand, paving the way for a smooth and successful homebuying experience.
Plus, you're going to need that same hefty stack of paperwork for your official mortgage application once you've got a contract on a home, so you're really knocking out two tasks at once.To help, we've created a documents checklist for the most common loan type, an FHA mortgage.
FHA Loan Documents
If you're applying for mortgage pre-approval with the Federal Housing Administration, you'll need these documents:
- Identification (one of these, which you will need to show in person)
- Driver's license
- Passport
- Other state- or federal-issued ID
- Income
- Pay stubs for the last 30 days, if applicable
- Last two federal tax returns
- Last two W-2s or 1099s, if applicable
- Proof of any additional income (second jobs, social security, alimony, etc.)
- Accounts
- Last two statements on all bank accounts — be sure to include all pages, even blank ones
- Statements for all investment and/or retirement accounts
- Property
- Closing disclosure (or HUD-1 if the sale took place before Oct. 3, 2015) for previous purchase
- Additional documents
- Contact information for your landlord(s) for the last two years, if applicable
- Divorce decree, separation agreement, and/or property settlement agreement, if applicable
- Gift letter if a family member is helping with down payment (lender will have form)
- A letter of explanation (LOE) for late payments, collections, judgments, or other derogatory items in your credit history, if applicable
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