Mortgage pre-approval is an important and powerful part of the home buying process. A letter of pre-approval communicates that you are a serious and qualified buyer. Here is a summary of the documents you’ll need for your pre-approval application.
Mandatory for Everyone
Federal Tax Returns
All pages of your federal tax returns from the past two years are needed.
- W2s and 1099s
The past two years of both documents are required.
- Consecutive Paystubs
We’ll need your most recent paystubs for the past 30 days.
- Asset Statements
All pages of these statements from the past two months are necessary. This covers a wide range of statements such as your checkings, savings, stock, 401k, etc.
- Current Mortgage and Homeowner’s Insurance Statements
If you own a property currently, these statements are required.
- Driver’s License
We’ll need a copy of your driver’s license to show your identity. This can be emailed.
For Self-Employed Applicants
If you are self-employed, your income is analyzed a little differently.
- Business Tax Returns
All pages of your business tax returns from the past two years are analyzed as this is also part of your finances as a business owner.
For Retirement Income
Some additional items will need to be provided if you have retirement income.
- Social Security Award Letter
A copy of the current year’s social security award letter has to be submitted.
- 1099s for Social Security
Your past two years of 1099s for social security are required. For pension income, you will need your award letter showing monthly amount and 1099s from the past two years.
If You Have Child Support/ Alimony Income
Finally, if this applies to you, you will need to provide two more items.
- Divorce Decree/ Child Support Order
You will need to show your full divorce decree and child support order for pre-approval.
- Child Support Deposit
You will need to show the child support/ alimony being deposited into bank accounts for the past year. This shows proof you received this money as stated.
If you are looking to buy a home, make sure you get pre-approved prior. Use this checklist to ensure you have all documents necessary for the pre-approval application. Download our DML App to get pre-approved seamlessly.