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The borrower and their spouse are pretty much the only people the lender MUST know about, as the borrower and their spouse will be legally responsible for the debt. If you are receiving INCOME from others that are living with you it MAY be in your interest to include this information. Similarly if your income is supporting other dependents, be they adults or minors this information is relevant to the lender's decision.
If you have a a parent or sibiling that may be living with your now or in the future, but they neither cost your anything or kick in to your income the lender should not need to know about this...
Most lenders use standard applications that have been through a rigorous legal review to make sure their is no discriminatory information collected, but all relevant financial info is captured. Two years of tax returns and pay stubs are great to have, as are lists of ALL your bank accounts, retirement savings, other loans, stock holdings and pretty much anything that says what you OWE to other and have as INCOME and ASSETS. It is NOT a good idea to drag along extra info. If the lender needs something they will let you know...
Talk with a Loan Officer in your local area. They can verbally get informaiton from you in about 10 minutes and run automated underwriting which will give you the documentation requirements forr your loan. Plan on being able to document anything you say so good info in- good preapproval out.
You will be asked for your name, spouse name and the number of dependent children, ones you can claim on taxes. if you are going to have a parent live with you, the lender does not need to know.
You will only need tax returns if you are self employed or receive commission income. If you are not either, than the last 2 years w2's.
When your credit is ran, the lender will know who you owe so you do not need statements for any debt accounts. Proof of assets will be needed. You will also have to provide 2 forms of ID, drivers license, social security card or a passport.
As dad2jules says, when your loan is ran through automated underwriting, it will let the loan officer know exactly what you need to provide. It might only ask for 1 year's W2.
If you are planning to buy, now would be a good time to get in the game. Rates are at historic lows and home values are at or very near a bottom(at least i hope).
Thanks. The reason I asked is my roommate (my sister's boyfriend) told me that I need to go and qualify for a mortgage. I have a lot of student loan debt and a low paying job due to the economy. He and my sister say that the bank needs to know everyone's income. I know I won't qualify
Thanks. The reason I asked is my roommate (my sister's boyfriend) told me that I need to go and qualify for a mortgage. I have a lot of student loan debt and a low paying job due to the economy. He and my sister say that the bank needs to know everyone's income. I know I won't qualify
Unclear -- you have a lot of debt and low paying job and want to get a mortgage to buy house? That is not gonna happen...
OR is sister and boyfriend working on getting mortgage and you wanna live in the place they buy?
Sorry for not being clear. They are offering me a place to live. They want me to co-borrow the mortgage because me and him are the only ones working. He, as far I know, has no debt. I tried to explain that no one will lend to me. But according to my sister "my credit is perfect" She is a know-it-all.
Together, you and he might make enough income to qualify.
Maybe I missed something, but I didn't see anywhere where you said your credit was bad (late payments, collections), just that you don't make much money and have student loan payments.
That being said, I would NEVER sign up for a mortgage with my sibling's spouse. Sounds like a recipe for disaster, even if your sister made money and was on the note too. 30 years is a long time...
Debsi is probably right -- beyond the financial aspects of this transaction there are WAY MORE things that can go KABLOOEY in deals like this.
Lenders are far less eager to make loans with "cosigners" these days and the complication of you being a potential 'house mate' of your sister and her dude would not make anything easier.
Having a good credit history USED TO COUNT far more than it should, but even at the height of bubblicious lending INCOME is key. When stated income loans were widely available (where no verification was needed or asked for...) it was not uncommon for an unscrupulous loan originator to direct borrowers such as yourself, with only a small income and good credit, to deliberately inflate their earnings from undocumented sources {"Hey do play a guitar? Ever get paid for it? If you did get paid how much do you think you could make? And if you did that every week? OK, so you make $46,000 in a wedding band...}
Wise up! Tell your sister that you appreciate the generous offer, but as much as you and her dude get along as roomies you just don't want to be tied down with a mortgage until you get a paying gig...
Say it nice (she is your sister), and you can blame the crazy guy on the internet who seem like even MORE of a know-it-all, but for goodness sake YOU KNOW this is not going to work out...
I would not cosign for them. Period. If you decide you want to move into your own place down the line and they are unable to refinance on your own, you are stuck on the mortgage and it will possibly (probably?) prevent you from getting one on your own.
What happens when you sister and the boyfriend (not even covered by marriage laws) split up? What a mess. I'd step away from thsi one as fast as you can.
In answer to your question, if your income is needed to qualify for the mrotgage, then theyw ill need all of your documentation. Otherwise the only loan type I'm aware of that requires income/asset info on everyone living in the home is USDA.
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