What Documents Are Required to Apply for a Mortgage?

1. Personal Identification

   • Passport / Driver’s License / Green Card

   • Complete recent travel history

   • Marriage and family information (if applicable)

     
     

2.  Proof of Income

   For Employed (W-2) Employees

   • Last 2 years of W-2 forms

   • Most recent 2 months of pay stubs

   • Last 2 years of tax returns (1040)

   For Self-Employed / Business Owners

   • Last 2 years of personal tax returns

   • Last 2 years of business tax returns (1120 / K-1 / Schedule C)

3. Proof of Assets

   • Last 2–3 months of bank statements (subject to lender requirements)

   • Investment account statements (stocks, mutual funds)

   • Retirement account statements (401k / IRA)

   • Large deposit explanation / source of funds documentation

     
     

4. Employment Verification

   • Employment verification letter

   • Offer letter (if recently changed jobs)

     
     

5. Liabilities & Credit History

   • Credit report

   • Auto loans, student loans, credit card statements

   • Additional explanation for any lawsuits or bankruptcy records

     
     

6. Additional Documents (If Applicable)

   • Proof of non-salary income (rental income, bonuses, commissions)

   • Co-borrower documents (if applying jointly)

   • Certified translation of overseas income documents (if applicable)

ACRE has established long-term partnerships with banks and mortgage brokers, providing clients with diverse financing options. We assist in matching suitable lenders and support clients throughout the loan process to ensure a smooth transaction.

* Differences Between Loan Types?

Mortgage loans are typically offered as 15-year or 30-year terms.

• A 15-year loan usually comes with a fixed rate and higher monthly payments, but less interest paid overall.

• A 30-year loan may be fixed-rate or adjustable-rate. Adjustable-rate mortgages (ARMs) often have a fixed period of 3, 5, 7, or 10 years before adjusting based on market conditions.

*How Much Can the Bank Lend?

Loan approval largely depends on your DTI (Debt-to-Income ratio). DTI measures the percentage of your monthly income used to pay debts. In general, lenders prefer a DTI below 36%–43%. To improve your DTI, consider paying down existing debts before applying, such as credit cards, auto loans, student loans, and other liabilities.

Employment Stability Matters

• If you remain in the same industry, changing jobs typically has minimal impact.

• If you switch industries, lenders may request additional documentation such as an offer letter or proof of new income.

• If you are a W-2 employee, lenders may require up to 2 years of W-2 history for stronger approval.

For this reason, it is generally best to avoid changing jobs during the mortgage approval process.

*How to Protect Your Credit?

When applying for a mortgage, the key credit indicator is your FICO Score.

*Actions That Impact Your Credit Score

Recommended:

• Make all payments on time

• Keep credit utilization below 30%

• Maintain long-standing credit accounts to build credit history

• Avoid frequent hard credit inquiries

Avoid:

• Late payments over 30 days

• Accounts sent to collections

• Closing old accounts (reduces credit history length)

• Making large purchases during the loan approval process

*Can Non-U.S. Citizens Get a U.S. Mortgage?

Yes. Non-U.S. citizens can apply for a mortgage in the United States. Lenders primarily evaluate visa/residency status, income, assets, and credit — not citizenship itself. As long as qualification requirements are met, financing is possible.

If you are on a work visa (e.g., H-1B), you may qualify for a standard loan. If you do not have U.S. income, you may consider a Foreign National Loan, which typically requires at least 40% down payment and carries interest rates about 0.75%–2% higher than conventional loans.

Approval ultimately depends on down payment amount, asset profile, income documentation, and lender guidelines.