Home Loan Application Essentials

Whether you’re purchasing or refinancing, and whether you’re on your first or fifth home, you’ll need to have a specific set of documents in order to successfully apply for a home loan. Central Bank is here for you as your number one resource through your application and home buying process.

Necessary Documents to Process Your Home Loan

When processing your home loan application, you’ll need a variety of documents to prove your income, assets, credit history, and more. Explore the required documents for a home loan application.

Employment Income Verification

To be approved for a loan, you will need to prove that you are able to make the monthly payments. Proof of income is a core requirement. In order to fully verify your employment, we will need:

• The last 2 years of your W-2 statements
• A full 30 days of paystub payments
• Proof of additional income (social security, child support, etc.) if applicable
• Personal federal tax returns from the current and prior year
• Business federal tax returns and profit and loss statement, if applicable

Assets

In addition to income, we will need proof of your assets. Assets can include:

• Checking accounts
• Savings accounts
• Investment accounts
• IRAs and 401ks
• Other notable assets (rental properties, etc.)

If a portion of your assets was gifted to you by a friend or family member for the purpose of using towards your new home, those funds must be disclosed as a gift.

Collateral

Collateral consists of additional information accrued during the home application process. Such information includes:

• Signed sales contract and any addenda on the purchase of the home
• Name and telephone number of insurance agent
• Title company or settlement name and contact info
• Copy of earnest money check

Credit Score

Your credit score is one of the main elements we’ll need to evaluate your application. We will provide the relevant credit application document.

Other Legal Documents

We will also need any other relevant legal documentation, including:

• Copy of Photo ID and/or Permanent Resident Alien card, if applicable
• Copy of Revocable Trust, if applicable
• Recorded Divorce Decree, if applicable