Learning Center
Basic Finance
How Credit Affects You
Preparing for Home Ownership
Steps for Buying a Home
Life as a Homeowner






 
Additional Resources
  • For more information about affordable loan programs and new home loans including Home Equity and Refinance call
Module 3
Preparing for Home Ownership
Affording Your Dream
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Required Documentation

Ask in AdvanceTo initiate the loan process, you must have specific documentation. Most lenders use the standard Fannie Mae 1003 Uniform Residential Loan Application which covers the type of home loan being sought, the property being mortgaged, and personal, income and employment information about the borrower. The application lists all assets and liabilities of the borrower plus all details of the real estate transaction. If you bring complete documentation to your first meeting with your home loan consultant, it can speed up the loan approval process. Documentation requirements vary so ask your home loan consultant in advance what you should bring.

Documents You'll Need to Show Your Lender
General Information...
  • Social Security card, driver’s license or other picture ID

  • Record for past two years of residence address; employer name, address and phone number; W-2 tax forms; and federal income tax returns

  • Most recent pay-stubs (past 30 days)

  • Verification of other income: Social Security, alimony, child support, pension, stocks

  • Checking and savings bank statements for past three months

  • Name and address of all creditors plus account number, balance and monthly payment for all fixed, installment and revolving debts
    • Additional Information…
  • DD-214 Certificate of Eligibility for veterans seeking VA loans

  • For self-employed: past year’s audited Profit & Loss Statement, present year’s balance sheet

  • Discharge of bankruptcy papers

  • Copy of divorce decree or separation agreement

    • Helpful Links

    Sites with More InformationTo learn more about home loans and home loan lenders, visit the following sites:

    Fannie Mae's HomePath
    Freddie Mac's Credit and Homeownership
    Mortgage Bankers Association
    National Association of Mortgage Brokers
    National Foundation for Credit Counseling

    These helpful links are also available in the Resources area.

    Next Step
    For a desciption of the different types of home loans and loan features, continue to Types of Home Loans.

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