What documents do I need to provide when applying for a First Horizon Home Loan?

When applying for a First Horizon Home Loan, applicants should be prepared to provide a variety of documents to facilitate the loan process. Generally, the required documentation includes proof of identity and income, which can vary based on the applicant's employment situation and financial background. Commonly, applicants will need to submit a government-issued photo identification, such as a driver's license or passport, to verify their identity. Additionally, proof of income is crucial, which often includes recent pay stubs, W-2 forms from the past two years, or, for self-employed individuals, federal tax returns for the last two years along with profit and loss statements. Financial documentation is also necessary. This may encompass bank statements for the past two to three months, showing all accounts to establish an overview of financial health. Furthermore, information about assets such as retirement accounts, stocks, and bonds may be required to demonstrate financial stability. If the applicant is purchasing a property, it is important to provide details about the property itself, including the purchase agreement or the listing information if available. For those who have a prior mortgage, documentation related to that mortgage, such as the current mortgage statement or payoff information, may also be required. Overall, it is beneficial for applicants to consult the official First Horizon Home Loans website for the most current and comprehensive list of required documentation, as this may vary based on individual circumstances and loan types.