Home Purchase: What Documents Do You Need?


	What Documents Do You Need?

	Credit history
	Signed purchase agreement
	Proof of income
	Copies of your W-2 forms
	Copies of asset information
	Copy of your earnest money deposit
	Copy of homeowners insurance
	Copy of Title Insurance


	Credit history When you apply for a mortgage, we must access your credit report to know how credit worthy (or risky) you are as a borrower. The higher your credit score, the more likely that you will qualify for a larger loan, better loan options, and/or a more favorable interest rate . In order to access your credit report, we'll need to know your Social Security number and date of birth. Signed purchase agreement The purchase agreement is the contract between home buyer and home seller that defines the terms and conditions of the sale. It's possible to get approved based on your income and asset information, but having a signed purchase agreement makes the process faster and easier. Proof of income In order for us to be sure that you are able to make your mortgage payments, we need to see proof that you have a source of income. You'll usually be required to show original pay stubs for the last 30 days. You may also show two years' worth of W-2s (see #4 below), a verification of employment (VOE) or two years' worth of tax returns. How you prove your income can differ based on your situation, and what home loan is best for you. A Quickerlend Home Loan Expert will explain what type of proof of income you'll need to show.
	Copies of your W-2 forms Your W-2 forms will help your lender verify that you are employed and will show your income history. Copies of asset information To qualify for a mortgage, you need to be able to show that you have some money for the closing costs. Acceptable sources of funds may come from other homes with equity ; a savings or checking account; proceeds from the sale of a house; stocks, bonds, mutual funds, a 401k or a money market account; or gift funds. For some home loans, you may need to show statements and/or investment records for these accounts. Copy of your earnest money deposit The earnest money deposit is a deposit made by a buyer towards the down payment in evidence of good faith when the purchase agreement is signed. The deposit becomes part of the down payment if the offer is accepted, is returned if the offer is rejected, or is forfeited if the buyer pulls out of the deal. Be ready to show a copy of the earnest money deposit if asked. Copy of homeowners insurance Just like when you show proof on insurance when buying a car, you have to have homeowner's insurance to verify that you'll have sufficient coverage on the property when getting a mortgage. Homeowners insurance covers any damages that may affect the home's value. Copy of Title Insurance Title insurance protects a buyer against any errors in the title of the property. Having a copy of your title insurance will help verify the legal description of the property, the taxes, and the names on the title.