Generally no-in order to get a mortgage these days you must be able to support an ability to repay. An ability to repay the debt by virtue of having income to offset the liability is what home lenders look for. When purchasing a home, bank on providing tax returns, W-2s, pay stubs and bank statements.
When refinancing , plan the same with one caveat. If you refinance with your lender i.e. the servicier of your loan collecting your monthly mortgage payment, they can from time to time, originate a new loan for you without necessarily needing financials, in order to accomplish this feat, you will need excellent credit and extremely low debt to income ratio as well as a loan to value- 60% or lower.
For the majority of consumers seeking loans, following information is needed to get qualified.
- tax returns for the most recent last two years
- W-2s for the most recent last two years
- 30 days pay stubs
- bank statements for the most recent last two months
- profit and loss statement if you’re self-employed with year-to-date income
Looking to get qualified for a mortgage? Try our home affordability calculator or contact scott@sonomacountymortgages.com today!
