Your lender sill tell you exactly what documents are needed but to give you an idea of a smooth loan application, it pays to get your documentation in order before you apply.

1.       W-2 forms for each person on the loan. You will also want to provide contact information to the person within your company who can verify your income.

2.       Get a copy of the fully executed sales contract from your REALTOR. Include contact information of both the buyer and seller’s agent

3.       Copy of one month’s worth of pay stubs. If you are self employed, you’ll need to show profit and loss statements for the current year.

4.       Copy of the last 2 bank statements for every bank account, including retirement accounts. El Paso mortgage banks may require up to 6 months of history if you are using gift money for the down payment.

5.      Copy of complete federal tax forms for the last 2 or 3 years. Primarily required of self employed individuals or those who are claiming rental income. 

6.       If a gift is involved, such as funds from family members, the El Paso mortgage banks will need proof the gift giver has the funds and a gift letter affidavit indicating the funds are a gift and does not have to be repaid. Also needed is a copy of the check, the deposit receipt and a bank statement to verify the transaction.

7.       List of your addresses in the last two years.

8.       Proof of identity. Picture ID and a copy of your social security card.