Loan Application Checklist

In general, the documentation you will need includes:

Check for appraisal fee (this can be waived until pre-approved)

Check for Credit Report

Property Information (if you already have a contract on a house)

Purchase Agreement.
If you have sold your current home, copy of settlement statement (HUD-1).
Copy of Earnest Money Check once it has cleared the bank

Income & Assets

Pay stubs for the last 30 days.
  For the past two years:
 

Names and addresses of each employer.

Most recent 2 Years of Tax Returns (all schedules) and W-2s
Statements for each bank, mutual fund, and/or investment account for the last three months. All pages.
 
  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 two years (with ALL 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. Monthly mortgage statement, insurance declarations page and tax bill for each rental property.
  If you are retired:
 

Pension Award Letter.
  If you receive Social Security or Disability:
 

Social Security or Disability Award Letter.
  If you are counting child support or alimony as income:
 

Copy of final divorce settlement agreement.

 


Debts

Names, addresses, account numbers, balances and monthly payments on all current loans.
Explanation of credit report anomalies, including:
 

Late payments, charge-offs, collections, judgments and/or liens.

Bankruptcy filed within last seven years (bring a copy of your bankruptcy papers).

 


Miscellaneous

To comply with the Customer Identification Act two forms of ID will be required. The following are acceptable forms of ID: Drivers License, Passport, Military and military/dependent ID cards, state issued photo ID card, non-resident alien card or foreign Cedular card.
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.