To get a mortgage, the essential things needed include:
- Proof of identity, such as a valid passport or driver's license.
- Proof of address, like recent utility bills or bank statements.
- Evidence of income, including recent pay stubs (typically last 30 days), W-2s or tax returns (usually covering the last 2 years), and sometimes bank statements showing salary deposits.
- Documentation of the down payment source such as savings statements or a gift letter if the money is from family or friends.
- A credit score meeting lender requirements, often at least 620 for conventional loans.
- Proof of steady employment or self-employment income, sometimes requiring two years of tax returns for self-employed applicants.
- Debt-to-income ratio within acceptable limits (e.g., max 43-44% including mortgage payments and other debts).
- Property appraisal and eligibility for the type of mortgage loan.
Additional documents may be required based on personal circumstances and lender requirements. Having these ready helps proceed smoothly with the mortgage application process.
