The Dos & Don’ts of Applying for a Mortgage in Kentucky



DO maintain up-to-date records The mortgage application process is paperwork-heavy, and lenders could ask you to pull up records at a moment’s notice. To make things easier for yourself, make sure you have the following records readily available:

Income: Underwriters typically verify income and tax documents through your employer, so hold onto new paystubs as you receive them.
Assets: It’s best practice to save all incoming account statements in the order in which you receive them; keep all numbered pages of each statement.
Gifts: If you’re receiving any gift money from relatives, they’ll need to sign a gift letter (which your loan officer will provide) and an account statement evidencing the source, which must be “seasoned” funds.
Current Residence: If you’re currently renting, continue to pay your rent on time and save proof of payment. If you intend to sell your current residence, be prepared to show your HUD-1 Settlement Statement. If you plan on renting out your home, you may need to show sufficient equity, a lease, and receipts for the security deposit and first month’s rent.
DO keep your credit score in mint condition. Continue to make payments on time. The lender might pull your credit report again, and any negative change to your score could jeopardize your approval.

DO understand that things change. The requirements to receive approval for a home loan are always changing, and underwriters require more