What financial docs do I need to buy a home?

Updated 6 months ago ​by Aneesah Emeka

In a nutshell:
With today's competitive real estate market, serious buyers should have a pre-approval letter and/or proof of funds before starting their home search. Unless you plan to pay with all-cash, pre-approval is important because it gives you an idea of what you can afford. Plus, it's what sellers require before reviewing your offer. It acts as proof that you're able to get financing. 

Once you verify your account by uploading these financial docs, you'll get priority support, unlimited info requests, on-demand home tours and the ability to create offers . Your docs will be stored securely in your account and can be updated anytime. 

Proof of Funds

This shows the seller that you have the money available for a down payment.

They could be: 

  • Your most recent bank statement
  • An open equity line of credit
  • A copy of a money market account balance

Some examples:      


Mortgage Pre-Approval

This is a letter from a lender stating the loan amount that you would qualify for.  Note: while a pre-qualification sounds similar to pre-approval, they're not the same thing. Learn the difference between a pre-qualification vs. pre-approval here.

Your pre-approval letter should have your name (co-buyer if applicable), the loan amount you qualify for,  date, lender name,  and lender NMLS number. 

An example: 

Uploading financial docs to our site:

Your financial documents live securely in the Financial Docs section of your Open Listings account. If you're uploading docs for a co-buyer, please make sure that co-buyer is added to your account. You can attach multiple statements as a .zip file.

If you aren't comfortable with uploading your personal account information, an official letter on letterhead from your financial institution with your name, date, and amount of funds available will suffice. We can also redact personal account information for you on your existing docs. 

Please note that proof of income (W-2, paystubs, etc) does not constitute as proof of funds.