Loan Application Documents
Below are lists of commonly requested information you should expect to provide when you apply for your loan. You may be asked for additional documentation, depending on your situation.
- Pay stubs—Past 30 days' pay stubs with year to date information for all jobs and for each borrower
- W-2s—Past two years' tax forms
- Asset statements—Most recent two months' statements for any assets listed on the application, such as savings/checking/retirement accounts, 401k, etc.
- Copy of driver's license or government ID
- Proof of homeowner's insurance—Agent name, phone number and proof of insurance
Preapproval information collected
Personal information:
- Social Security number
- Date of Birth
- Email Address
- Phone Number
- Current Address
- Previous Address if you've been in your current residence for less than two years
Employment information:
- Employer's name and address
- Previous employer's name and address if you've been at your current job less than two years
Other income & expenses information:
- Gross income amount, including secondary income, if applicable
- Asset information, including the value of your banking, investment retirement and other accounts
- Current expenses, such as utilities, credit card and loan payments, child support and other obligations
Purchase borrowers—additional requirements
- Estimated down payment
- Estimated purchase price
- Address of property you're purchasing, if available
Preapproval borrowers can supply this information after they sign the purchase contract.
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Buy a Home
Homebuying
Whether you are buying a new home or an investment property, we'll help you choose the right loan. Our experienced Loan Specialists are licensed in your state and are available at 1-877-941-4622, see hours of operation.
Popular programs for repeat homebuyers
How much home can you afford?
Use our Monthly Payment Calculator to help you set your buying budget.
First Time Homebuyers
Buying a home is one of the biggest decisions you'll ever make. We'll walk you through it step by step, from how it works to what to expect. Learn more about the loan process.
Popular programs for first time homebuyers
Fixed Rate
Adjustable Rate
Government Programs (FHA,VA)
Is buying right for you?
Calculate the costs to Rent vs. Buy. See if you're ready for home ownership.
Real Estate Information
Search properties
Search our listings of homes available through GMAC Mortgage.
Mortgage Programs for Homebuyers
Which loan program is right for you? See comparison chart
Fixed Rate Mortgage View Details »
Know exactly what your payments will be with a monthly principal and interest payment that won't change.
- No interest rate change
- Stability of knowing your monthly principal & interest payment
- Pick a popular term (10, 15, 20, 25, 30) or choose your own term (e.g., 17 years)
Adjustable Rate Mortgage View Details »
Get a low initial rate for a period of years. After that, the rate adjusts annually.
- Great rates
- Typically lower initial monthly payments
- 3/1, 5/1, 7/1 adjustable rate terms
FHA Loans View Details »
A popular loan option for first time homebuyers or those seeking a low down payment loan.
- Flexible income, credit, and down payment qualifications
- U.S. government insured
- 10, 20, 30 year fixed rate terms or 3/1, 5/1, 7/1 adjustable rate terms
VA Loans View Details »
Eligible veterans of U.S. armed forces receive government home mortgage benefits and flexible requirements.
- Low to no down payment option
- No mortgage insurance premium (MIP)
- 10, 15, 20, 25, 30 year fixed rate terms or 3/1, 5/1, 7/1 adjustable rate terms
Jumbo Loans View Details »
If you need a bigger mortgage, get a Jumbo Loan.
- Competitive rates
- 10, 15, 20, 25, 30 year fixed rate term option or 3/1, 5/1, 7/1 adjustable rate term option
Homebuying Mortgage Rates
Get a custom rate
Use our simple Custom Rate Calculator to get an instant rate quote.
Homebuying Calculators
Use our homebuying calculators to help you answer common financial questions.
Principal & Interest Payment Calculator
Calculate your principal and interest monthly payments over the life of the loan.
Monthly Payment Calculator
Get a breakdown of how much of your monthly payment goes to principal and interest.
Rent vs. Buy Calculator
See if your next move should be into a home. Compare the costs of renting versus buying.
request a loanThe Homebuying Process
Buying a home is a big decision. Let us help you understand how it all works. From start to close, we give it to you straight.
- What are the steps
- Who does what
- What do lenders look for
Our experienced Loan Specialists are licensed in your state and are ready to walk you through the loan process. Call now: 1-877-941-4622, see hours of operation.
How the loan process works
- 1Get Ready
- 2Apply
- 3Get Approved
- 4Closing
FAQs
- What will a lender look at when I apply for a mortgage?
Lenders typically look at your credit, assets, down payment, income, and debt. Learn more about the
loan process. - What does it mean to get prequalified?
Prequalification is an estimate of how much you will be able to borrow. You supply the lender with some basic information about your income, debts and assets. The lender checks your information and gives you a general estimate of home loan amount and monthly payments. Prequalification only takes a few minutes and it's free.
- What does it mean to get preapproved?
With preapproval, lenders review some basics about your finances and provide you with an official letter that states that as long as you meet certain conditions, you will be approved for a specific loan amount and loan program. That allows you to shop with confidence, as sellers often require a preapproval when you go to bid on a home. Learn more about the preapproval step in the loan process.
- Do I have to have a specific property in mind?
No. Often before shopping for a home, prospective homebuyers set a budget. Get prequalified or preapproved and we'll help you determine how much of a monthly mortgage you can afford and how much you might be able to borrow. Call us at 1-877-941-4622, see hours of operation or get started online to get prequalified.
- What is the minimum down payment I can make on a home?
It depends. Generally speaking, lenders require you to put down between 3.5% to 20% of the home's value. See the side by side comparison of the mortgage programs.
- Will I have to pay for Private Mortgage Insurance (PMI)?
Typically, if your loan amount is more than 80% of the home's appraised value, you will be required to obtain private mortgage insurance known as PMI.
- What is the difference between a second home and an investment property?
A second home is a home you use personally. The mortgage process for a second home is very similar to your primary home mortgage. An investment property is a property you rent out (become a landlord) or buy for the purpose of fixing up and selling at a higher value. This could be an apartment property, condominium, or single family residence.
- What if I have had credit problems? Will I be turned down for a loan?
Not necessarily. Even if you have had credit problems, you may still qualify for a loan. Your credit score is only one of the factors to qualify for a loan. Lenders also look at your employment history, income, debt, and cash reserves.
- Can I apply a gift towards a down payment?
FHA loans allow homebuyers to use gift funds to help cover the cost of the down payment. In many cases, some or all of the down payment may be a gift from a family member, the borrower's employer or labor union, or a charitable organization. To learn more, call us at 1-877-941-4622, see hours of operation.
- How can I find a property available through GMAC Mortgage?
Search our listings of homes available through GMAC Mortgage.
Mortgage Rates
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