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Step 2: Get Organized

What you need to know to apply for a loan

Before you start looking for a home or completing a home loan application, it’s a good idea to gather some key information and documents you’ll need when applying for your loan.

Know Your Score: You’re entitled to a free credit report once a year. Get yours, know your FICO score, and identify/fix any issues before you buy a home. We recommend using annualcreditreport.com.

Name(s), and work number(s) of employer(s) for the past 2 years.

Monthly income for you and your co-borrower. It’s good to have your most recent pay stubs showing a year-to-date income, bonuses, commissions, and overtime for the past 2 years (a good source for finding this information is on your tax return).

If you are self-employed,you will need the last 2 years’ personal tax returns (Including K-1s) as well as the last 2 years’ tax returns for the type of business you own:

  • Sole Proprietorship (Schedule C)
  • Partnership (Form 1065)
  • Corporation (Form 1120 or 1120s)
  • Documentation to support credit history problems if applicable, which can be a written explanation of late payments, bankruptcy (petition and discharge papers), defaults, judgments and/or liens.

Having your home loan approved is largely dependent on these four things. Having them ready ahead of time will help streamline the loan process so you aren't making multiple trips to the bank because you didn't know you needed a certain document.

Step 3: Find Financing

Next: Step 3