Loan Application Checklist
In general, the documentation you will need includes the following items.
Financial
- ✅ Check for application fee.
Property Information
(If you already have a contract on a house)
- ✅ Purchase Agreement
- ✅ Copy of legal description and MLS sheet.
- ✅ If you are selling your current home, copy of listing contract.
- ✅ If you have sold your current home, copy of settlement statement (HUD-1).
Income & Assets
- ✅ Pay stubs for the last 30 days.
- FOR THE PAST TWO YEARS:
- ✅ Names and addresses of each employer.
- ✅ W-2s
- ✅ Statements for each bank, mutual fund, and/or investment account for the last three months.
- ✅ Estimated value of personal property and furniture.
- IF YOU HAVE MADE ANY LARGE DEPOSITS TO YOUR ACCOUNTS:
- ✅ Explanation and source for deposit.
- IF LARGE DEPOSIT WAS A GIFT:
- ✅ Signed gift letter (lender can supply).
- ✅ Copy of gift check.
- ✅ Copy of deposit receipt.
- IF YOU OWN MORE THAN 25% OF A BUSINESS:
- ✅ Corporate or partnership tax returns.
- IF SELF-EMPLOYED:
- ✅ Tax returns for the last three years (with schedules).
- ✅ Year-to-Date Profit and Loss Statement prepared by an accountant.
- IF YOU OWN RENTAL PROPERTY:
- ✅ Tax returns for the last two years and current rental agreements.
- IF YOU ARE RETIRED:
- ✅ Pension Award Letter.
- IF YOU RECEIVE SOCIAL SECURITY:
- ✅ Social Security Award Letter.
- IF YOU ARE COUNTING CHILD SUPPORT AS INCOME:
- ✅ Copy of divorce settlement.
- ✅ Copy of twelve months of cancelled child support checks.
Debts
- ✅ Names, addresses, account numbers, balances and monthly payments on all current loans.
- EXPLANATION OF CREDIT REPORT ANOMALIES, INCLUDING:
- ✅ Late payments, credit inquiries in the last 90 days, charge-offs, collections, judgments and/or liens.
- ✅ Bankruptcy filed within last seven years (bring a copy of your bankruptcy papers).
VA Loans
- ✅ Copy of DD Form 214, Report of Separation.
Miscellaneous
- ✅ Photo ID and proof of Social Security number.
- ✅ Residence addresses for the past two years.
- ✅ If applicable, a copy of your divorce decree.
- ✅ If you are not a citizen, a copy of the front and back of your green card.
