Loan Application Checklist

In general, the documentation you will need includes:

Property Information (if you already have a contract on a house)
Purchase Agreement.
Copy of earnest money deposit given with contract
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 and tax returns
Statements for each bank, mutual fund, and/or investment account for the last three months.
  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 business tax returns.
  If self-employed:
 

 

Tax returns for the last two years (with schedules).

 

Year-to-Date Profit and Loss Statement & Balance Statement
  If you own rental property:
 

 

Tax returns for the last two years and current rental agreements.
  If you are retired:
 

 

Pension Award Letter and 1099
  If you receive Social Security:
 

 

Social Security Award Letter and 1099
  If you are counting child support as income:
 

 

Copy of divorce and marital settlement agreement.

 

Copy of child support order & proof of last 3-6 months of payments received

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 or EAD card.
 
 

 

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