Checking your Credit Report is very important before you apply for a loan. It typically takes an average of 30 days to have the reporting bureaus correct discrepancies on credit reports, so we encourage you to obtain your own credit reports immediately. Errors could contain the following:
Accounts listed on your report that doesn’t belong to you. Often this is mistaken identity; sometimes it’s a sign that you’re a victim of fraud.
Notations that say an account is open, when you have paid it off and closed it.
Incorrect details regarding credit limits, amounts owed, account opening dates.
Additional documents needed to apply for a Mortgage:
Fully Executed Purchase Agreement (signed by both Buyer and Seller)
Proof of Funds for Down Payment: If you receive a cash gift or grant toward your down payment, you’ll have to provide a letter from the giver that declares that the gift isn’t a loan.