Nontraditional Paperwork To Present For A Mortgage Approval

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Getting a mortgage is typically the same traditional process, no matter who your lender is. You will present your proof of income in the form of tax returns or pay stubs. You will also have to bring bank account information regarding your down payment and credit information. Though you will need the traditional paperwork there are some supporting documents that may actually help you get a mortgage. Here is some nontraditional paperwork that you can present to a broker in order to get a mortgage.

401k or Roth IRA info

When you will retire is up to you, as long as you have the money to cover all of your debts for life. For this reason, a 401k or a Roth IRA with a large amount of funding can be a major positive in your side when applying for a mortgage. If you are nearing retirement age, or if you have managed to squirrel away a large sum for your golden years, bringing proof of this asset to your mortgage lenders office can slide you into home base for an approval.

A check and letter from the family

If you are lucky enough to have family help with a mortgage, you may not know how to go about it other than using the money during the down payment phase. What a lot of new mortgage applicants may not know is that you will need to present proof of a monetary gift in order to qualify for the mortgage. If your family will be giving you money to help pay for your mortgage, gather the exact sum in a bank account and get a letter from each family member stating where the money came from and that it is a gift. Your future lender will feel better knowing that the money is not a loan, thereby taking up your debt to income ratio.

Proper paper trails

While the typical borrower will have standard pay from an employer, some borrowers choose to work for themselves. While tax returns may be requested, you can bring deposits and information from your bank account that show you have the money to pay your mortgage. Along with the deposits, make sure you have a paper trail, detailing exactly where each came from. Keeping a ledger book is one of the best ways to keep up with precise information on deposit. Random deposits that make up a good monthly income can help you score that stable mortgage that you always wanted.