Most delays come from missing paperwork, not underwriting. Here's exactly what to gather before you apply.
A pre-approval is only as strong as the documentation behind it. Files that stall almost always stall on paper — a missing page of a bank statement, an unexplained deposit, a signature line left blank.
Every borrower
Have these ready before your first call and you can often be pre-approved same day.
- Two most recent pay stubs covering 30 days
- W-2s for the last two years
- Two months of bank and investment statements — all pages, even blank ones
- Government-issued photo ID
- Current mortgage statement and homeowners insurance if you own
Self-employed or commissioned
Variable income takes more paper, not more difficulty. Bring two years of personal and business returns, year-to-date profit and loss, and business bank statements. If you have K-1s, include all schedules.
The rule that saves the most time
Document every large deposit. Underwriters must source funds used for down payment and reserves. A $9,000 transfer from a relative is fine — as a gift with a letter and a paper trail. The same $9,000 in unexplained cash is a problem. Tell me about it early and it's a non-event.
Keep reading
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- The First-Time Buyer Roadmap: Nine Steps From Curious to Closed
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