Documentation Required for Mortgage Applications | St. Johns Bank

Applying for a mortgage can be both exciting and challenging as you work your way through a process that can determine whether you’re able to buy that house of your dreams.

One of the biggest sources of stress for many people is tracking down all the documents and details required to complete various steps of the process. There seem to be different requirements every step along the way, and it can be difficult to keep up with it all and find what you need.

Fortunately, with a little forewarning and preparation, you can be ready to take on the process with confidence and increase your chances of getting approved. To help you with that, we present a list of the things you’ll likely need to bring with you to some part of the process:

Proof of Income

Your mortgage officer will need to be able to verify you have a steady source of income that is appropriate for keeping up with payments on the debt you’re asking to take on. You’ll likely need at least a couple pay stubs and your W2 for the preceding year, as well as proof of other income sources, such as freelance work and trusts.

Tax Returns

This is another way we can ensure we get a full picture of your financial situation so we can help you ensure you’re not getting in over your head. In most cases, we need to look at two years’ worth of tax returns. Even if you can bring in the official copies, you’ll still need to complete an Form 4506-T that enables us to get that information from the IRS.

Documentation of Assets

If you have other holdings that could help you make your payments if you get into trouble, such as retirement savings or stocks, we may need proof. Those can help show you can handle the payments, even if you hit a bump in the road.

Proof of Identity

You will need at least one form of photo identification to help us ensure you are who say you are and to meet federal requirements. Your loan officer will let you know exactly what you should provide; it may be more than just a driver’s license or other state ID.

Gift Letters

If you’re getting help in buying the house from family or friends, you’ll need written proof that money is being gifted, not loaned to you. In most cases, down payments can’t be made with loaned funds.

Details of Your Renting History

This may not be something every renter can provide, but we’ll help you determine how you can if it’s required. We may also be able to work with your landlord to get this information.

This likely isn’t all you’ll need to apply for a mortgage since the requirements vary by loan and situation, but this should give you a good head start on preparing. Our St. Johns Bank mortgage officers are ready to help you walk through the process to ensure you get the loan you deserve.