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For Home Buyers

Personal Financial Statement for Mortgage

Some mortgage lenders require a Personal Financial Statement. Create yours online in 5 minutes — no spreadsheets needed.

Create My PFS
5-minute process
Bank-ready PDF

Mortgage Ready

Accepted by lenders nationwide

Home purchases & refinancing
Jumbo mortgages
Home equity lines (HELOC)
Self-employed borrowers

When Do Mortgage Lenders Require a PFS?

Not all mortgages require a Personal Financial Statement, but these situations typically do:

Jumbo Mortgages

Loans exceeding conforming limits ($766,550 in most areas) often require detailed financial documentation including a PFS.

Self-Employed Borrowers

If you're self-employed or own a business, lenders want to see your complete financial picture beyond tax returns.

Investment Properties

Purchasing rental or investment properties typically requires a PFS to show your overall financial strength.

HELOCs & Home Equity

Home Equity Lines of Credit and second mortgages often require a Personal Financial Statement.

Cash-Out Refinancing

Refinancing to pull equity from your home may require a PFS, especially for larger amounts.

Portfolio Lenders

Banks that keep loans on their books (don't sell to Fannie/Freddie) often have additional documentation requirements.

What Mortgage Lenders Look For in Your PFS

Understanding what lenders evaluate helps you prepare a stronger application

Liquid Reserves

Cash and easily accessible funds for down payment, closing costs, and reserves. Lenders typically want to see 2-6 months of mortgage payments in reserves.

Net Worth

Your total assets minus liabilities. A positive and healthy net worth indicates financial stability and ability to handle mortgage payments.

Debt-to-Asset Ratio

How much you owe compared to what you own. A lower ratio shows you're not over-leveraged and can handle additional debt.

Real Estate Holdings

Current properties owned, their values, and existing mortgages. This helps lenders assess your experience and exposure to real estate.

Mortgage Application Document Checklist

Gather these documents before applying for your mortgage

Income Verification

  • W-2 forms (last 2 years)
  • Pay stubs (last 30 days)
  • Tax returns (last 2 years)
  • 1099s if self-employed

Asset Documentation

  • Bank statements (2-3 months)
  • Investment account statements
  • Retirement account statements
  • Personal Financial Statement

Identity & Credit

  • Government-issued ID
  • Social Security number
  • Authorization for credit check

Property Documents

  • Purchase agreement
  • Property listing/details
  • Homeowners insurance quote

Mortgage PFS FAQs

Do I need a Personal Financial Statement for a conventional mortgage?

For standard conventional mortgages with W-2 income, a PFS is usually not required. However, it may be needed for jumbo loans, self-employed borrowers, or if you have complex finances.

What's the difference between a PFS and a loan application?

The loan application (like Form 1003) captures information about the specific loan and property. A Personal Financial Statement is a supplemental document that provides a complete picture of your assets, liabilities, and net worth.

Should I include my spouse's information?

If you're applying for the mortgage jointly, yes. Include all jointly-held assets and liabilities. If applying individually, ask your lender whether spouse information is needed.

How current does my PFS need to be?

Most lenders require your Personal Financial Statement to be dated within 90 days of your loan application. Use current account balances and recent property valuations.

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