Salvador Cortez at Absolute Mortgage Group Inc.
Salvador Cortez
Absolute Mortgage Group Inc.
Phone: (916) 668-0043
Email: [email protected]
NMLS# 1813194
Company NMLS# 1874315
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The 2nd CA Dream for All
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Before you start scrolling through listings and imagining where the couch will go, there is one reality every homebuyer should understand. Finding the house is often the fun part. The real challenge begins when it's time for underwriting.
Many home purchase transactions slow down because borrowers are missing key documents. A forgotten bank statement, unsigned tax return, or unexplained deposit can create delays that may put unnecessary stress on everyone involved.
The good news is that preparation can make the mortgage approval process much smoother.
Being organized before you submit your loan application can help prevent surprises and keep your purchase moving forward. Here are the documents lenders commonly request and why they matter.
Every borrower listed on the loan will typically need:
• A government issued photo ID
• Social Security number verification
These documents help confirm identity and satisfy federal lending requirements.
Lenders need to verify that your income is stable and sufficient to support the mortgage payment.
Be prepared to provide:
• Thirty days of recent pay stubs
• Two years of W-2 forms
If you earn overtime, commissions, or bonuses, lenders often average that income over a 24 month period. Documentation that reflects your full earnings picture can be extremely helpful.
Expect to provide:
• Two years of federal tax returns
• All accompanying schedules
• Signed copies, including page two
Unsigned returns frequently result in requests for corrections and additional delays.
Your lender will want a clear picture of your available funds.
Gather:
• Sixty days of statements for all bank accounts
• Every page of each statement, including blank pages
• Explanations for any large deposits or unusual transfers
Transparency upfront can save valuable time later.
Retirement and investment accounts may strengthen your application.
Examples include:
• 401(k) statements
• IRA statements
• Brokerage account statements
Lenders want to confirm that you can cover your down payment and closing costs while maintaining adequate reserves.
Provide current statements for recurring obligations such as:
• Credit cards
• Auto loans
• Student loans
• Personal loans
Debt to income ratios as high as 50 percent may qualify under certain programs. However, borrowers with ratios closer to 36 percent often present a stronger financial profile.
Receiving financial help from family members?
You may need:
• A signed gift letter
• The donor's name and relationship to you
• The amount of the gift