While many potential homebuyers are attracted to the idea of low interest rates, it can be difficult to get them because of stringent requirements on their credit scores, or simply not being able to provide all of the necessary information.

The amount of information that is required for a home loan has changed drastically compared to the boom years of 2004-2008. As it is now, the amount of personal data potential borrowers need to bear in order to even be considered is closer to the amount that was needed 15 to 20 years ago. In short, the typical borrower is expected to bring:

  • Previous two years of tax returns and W-2s (all pages and schedules). Tax returns may be reduced to one year for some borrowers.
  • One month of pay stubs (if paid every two weeks, underwriter would want to review two pay stubs).
  • One month of bank statements (all pages).
  • Copy of driver’s licenses for whoever is taking out the loan.
  • Name and phone number of the borrower’s insurance agent.

In addition, a homebuyer would be expected to:

  • Explain all deposits on their bank statements (besides payroll deposits).
  • Explain all inquiries that show up on their credit reports.


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