What are the Requirements for Citizens?

Proof of Identity and Citizenship

⦿ Government-issued photo ID, such as a driver’s license or passport, to establish identity.
⦿ Social Security Number (SSN) verification for credit reporting purposes.

Proof of Income

⦿ Recent pay stubs covering a specified period (usually the past 30 days).
⦿ W-2 forms for the past two years
⦿ If self-employed, tax returns (both personal and business) for the past two years and profit-and-loss statements.

Employment Verification

⦿ Contact information for current and previous employers to verify employment history.

Credit History

⦿ Credit report and credit score assessment.
⦿ Details on any outstanding debts, including credit cards, loans, and other obligations.

Proof of Assets

⦿ Bank statements for the past two to three months.
⦿ Investment account statements.
⦿ Documentation of other assets, such as real estate or vehicles.

Debt-to-Income Ratio

⦿ Lenders typically assess the borrower’s debt-to-income ratio to ensure the borrower can comfortably afford the mortgage payments. This includes the ratio of monthly debt payments to gross monthly income.

Property Information

⦿ Details about the property being purchased, including its address, purchase price, and a copy of the purchase agreement.

Home Inspection and Appraisal

⦿ While not directly related to the borrower’s documentation, lenders may require a home inspection and appraisal to assess the property’s condition and value.

Homeowners Insurance

⦿ Proof of homeowners insurance, including coverage details and payment information.

Title Insurance and Escrow

⦿ Documentation related to title insurance and escrow arrangements for the property.