Checklist
- Tax Returns
- Generally 1-2 years worth to confirm income and returns are consistent.
- Pay stubs, w-2 form or other proof of income
- In the same vein as the tax returns, lenders want to gauge your overall financial health.
- Bank statements and other assets
- Another complementary piece to better understand your risk profile. Lenders check taxes, income, insurance and other assets to show you have reserves and can make your payments.
- Credit history
- Lenders want to confirm long term trustworthiness. You may need to explain blemishes if they exist.
- Gift letters
- If friends or family chip in money, you need proof the money is a gift and not a loan.
- Photo ID
- Simply to prove you are who you say you are.
- Renting history
- If you don’t have a history of owning they may ask for renters history that you pay on-time.
Bottom Line: The lender wants to assess your risk level. Your goal is to present yourself a credit worthy and trustworthy. The exact documents may vary slightly from person to person but the above list should cover most cases.
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