When applying for a mortgage in Washington, it’s crucial to understand the documentation required by lenders. Having the proper paperwork ready can streamline the application process and increase your chances of approval. Below is a comprehensive list of the documents you will need.

1. Proof of Identity

Your lender will require valid identification to verify your identity. Acceptable forms include:

• Driver's License
• Passport
• State-issued ID

2. Social Security Number

Providing your Social Security Number (SSN) is essential for credit checks. If you are not a U.S. citizen, be prepared to provide your Individual Taxpayer Identification Number (ITIN).

3. Employment Verification

Lenders need to confirm your employment status. Typically, you will need:

• Recent pay stubs (generally from the last 30 days)
• W-2 forms from the last two years
• Proof of any additional income (bonus or commission statements)

4. Financial Statements

It's important to show lenders your financial health. Prepare the following:

• Bank statements for the last 2-3 months
• Investment account statements, if applicable
• Retirement account statements (401(k), IRA, etc.)

5. Tax Documents

Most lenders require your tax returns to assess your overall financial situation. Ensure you provide:

• Federal tax returns for the last two years
• Any applicable schedules (e.g., Schedule C for self-employed individuals)

6. Debt Information

Detailing your debts allows lenders to evaluate your debt-to-income ratio. Collect information regarding:

• Credit card statements
• Credit reports (if you have them)
• Loan documents for any personal loans, auto loans, or student loans

7. Property Information

If you have identified a property, be prepared to provide:

• Purchase agreement
• Home inspection report (if available)
• Property listing or MLS sheet

8. Additional Documentation

Depending on your situation, you may also need to provide:

• Divorce decrees or separation agreements (if applicable)
• Gift letter if part of your down payment is a gift
• Proof of other assets (vehicles, real estate, etc.)

Being organized and having these documents ready can significantly ease the mortgage application process in Washington. Always check with your lender for any specific requirements or additional documents they may need.

By preparing in advance, you’ll put yourself in a favorable position to secure your mortgage efficiently.