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Buyer ResourcesHomebuyingHomebuying 101Chapter 3

Home mortgage financing documentation checklist

Your home mortgage financing documentation checklist.
When it comes to applying for a home mortgage loan, you’ll be asked to collect and share what may
feel like a significant amount of your personal information. This is to be expected, and in being
thorough, you can actually help make the process even more seamless. Take a look at some of what
you’ll be asked to share:
Personal documentation
The first step in the mortgage lending process is to verify your personal information and credit
background. To do so, your lender will typically request a photocopy of your current Driver’s license
and the following information for each borrower applying for the loan:
Residence history
In addition to looking at your Driver’s license number and Social Security number, most lenders will
also cross-reference your address to verify your identity and any existing home loans. Your lender
typically will review:
Previous addresses for the last two years
Your current landlord’s name, address and phone number (if applicable)
Employment history
Because employment is a major factor in qualifying for a home loan, lenders pay close attention to
how long someone has been employed. Specifically, they look at the duration of employment, as this
indicates financial stability. It’s also important to note that some lenders may call your previous place
of employment to verify the information you provided. They’ll typically review:
Names and addresses of all employers for the last two years, and dates of employment with each
Pay stubs—or other proof of income—for the last 30 days
Two years of W2s and 1040s
Year-to-date profit and loss statement (if self-employed)
Financial history
One of the most important aspects of applying for a home loan is providing insights into your
financial history. Your lender will review your checking accounts, savings accounts, and any other
financial or banking account information provided. This will ultimately help them determine how much
you can afford to borrow, plus what you will need to have saved for a down payment and any closing
costs. At this point, they’ll typically review:
Last two months’ worth of statements from your savings and checking accounts
Recent statements from any stocks, mutual funds, 401K and retirement accounts
Proof of earnest-money deposit
Proof of closing funds
Other existing loans, such as auto or student loans
Copy of your most recent property tax bill (if you currently own a home)
Copy of your most recent homeowner’s insurance bill (if you currently own a home)
Copy of your most recent mortgage statement (if you currently own a home)
Additional documentation
In addition to the above documents, which are standard across almost all lenders today, you may be
asked to provide additional documentation that explains special, unique or uncommon
circumstances. Your lender will specify what documents are needed, but they may include any of the
following (if applicable):
Complete bankruptcy papers, including discharge
Complete divorce papers
Signed and dated letters that explain certain situations, such as switching from full-time employment
to self-employment
Verification of child support or alimony payments
Having these documents prepared in advance can save you a lot of time and trouble. It will also
make the entire loan process smoother and faster, preventing unwanted delays.
For a more in-depth look at the entire new home build financing process, read the Meritage Homes
Guide to Financing your New Home Build to feel prepared and confident at every step.