Wednesday, December 1, 2021 / by Josh Montgomery
1. Proof of Income
Buyers generally must produce W-2 wage statements from the past two years, recent pay stubs that show income as well as year-to-date income, proof of any additional income such as alimony or bonuses, and the two most recent years' tax returns.
2. Proof of Assets
The borrower needs bank statements and investment account statements to prove that they have funds for the down payment and closing costs, as well as cash reserves. The down payment, expressed as a percentage of the selling price, varies by loan type. Most loans come with a requirement that the buyer purchase private mortgage insurance (PMI) or pay a mortgage insurance premium or a funding fee u. ...