What Documents Do I Need To Apply For A First-Time Home Buyer Mortgage? The following documentation is usually required when applying for a mortgage as a first-time home buyer:
- Identification: A legitimate government-issued ID, such as a passport or driver’s license, must be shown.
- Proof of income: You must present documentation proving your income, such as tax records, W-2 forms, or recent pay stubs. You could be required to submit additional paperwork, including business tax filings, if you work by yourself.
- Proof of employment: You must present documentation proving that you are currently employed, such as your most recent pay stub or an employer letter.
- Bank statements: To demonstrate your assets, your capacity to make a down payment, and your ability to cover closing expenses, you must present recent bank statements.
- Proof of homes insurance: To safeguard the lender’s investment in the property, you must present proof of homeowners insurance.
- Ownership proof: A copy of the sales contract or other documentation attesting to the property’s ownership is required when buying a piece of real estate.
- Credit report: To determine your creditworthiness, your lender will often obtain a copy of your credit report.
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Depending on the loan program you select, lenders may ask for additional documentation, and the exact requirements may change. Before you apply, it’s crucial to speak with a lender to receive the full list of required paperwork and to make sure you have everything you need.