What documents do I need to prepare for a mortgage application in Oregon?

@ronaldo_von 

When applying for a mortgage in Oregon, you will typically need to prepare the following documents:

1. Proof of income: This can include recent pay stubs, W-2 forms, tax returns, and any additional sources of income such as rental property income or child support.
2. Proof of assets: This includes bank statements, retirement account statements, and any other asset documentation.
3. Identification: You will need to provide a government-issued photo ID such as a driver's license or passport.
4. Credit history: Lenders will typically pull your credit report as part of the application process, but it can be helpful to have a copy of your credit report to review beforehand.
5. Documentation of debts: This can include statements for existing loans, credit card balances, and any other debts you may have.
6. Employment verification: Lenders will want to verify your employment status, so be prepared to provide contact information for your employer.

Additionally, you may be asked to provide additional documents depending on your specific financial situation and the lender's requirements. It's best to contact a lender or mortgage broker for a complete list of required documents for your particular situation.

@ronaldo_von 

Some common additional documents that may be required for a mortgage application in Oregon include:

• Proof of rental history or mortgage payments for the past 12-24 months
• Proof of homeowners insurance
• Purchase agreement (if you have already identified a property)
• Gift letter (if using gift funds for down payment)
• Bankruptcy or foreclosure documentation (if applicable)
• Divorce decree or child support documentation (if applicable)
• Letter of explanation for any unusual or large deposits in your bank statements

It's important to start gathering these documents early in the homebuying process to streamline the application process and ensure a timely closing. It's also a good idea to work with a loan officer or mortgage broker who can guide you through the documentation requirements and assist with any questions or concerns you may have.