The loan application check list
In general, the documentation you will need includes:
- A copy of home owner’s insurance statement and, if applicable, HOA dues statement for each property you own.
- Purchase agreement if you are already in contract.
- If refinancing and you bought your home in the last 12 months, a copy of the settlement statement (HUD-1).
- If you are selling your current home, a copy of listing contract.
- If you have recently sold your current home, copy of settlement statement (HUD-1).
- Pay stubs for the last 30 days.
- Federal tax returns for the last two years (with all schedules) and if applicable with K-1s (as shown on the schedule E of the tax returns.
- W-2s and 1099s (pension, social security and IRA income)
- Statements for larger bank, mutual fund, and/or investment account for the last two months (all pages of each statement).
- If you have an accepted offer on a house, a copy of the bank statement or screen print showing that the escrow deposit has cleared your account.
- If you have made any large deposits to your accounts:
- Explanation and paper trail of each large deposit.
- If large deposit was a gift: Signed gift letter (lender can supply), Copy of gift check, Copy of deposit receipt.
If Self employed:
If you own more than 25% of a business, Corporate or partnership tax returns for last two years and Year-to-Date Profit and Loss Statement (The YTD profit and loss statements are not always required).
If you own rental property:
Current rental agreements if rental income does not show on Federal Tax returns.
If you are retired:
- Pension Award Letter.
- 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.
- A copy of mortgage statements for each mortgage you currently have.
- 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.
- Photo ID and proof of Social Security number.
- If applicable, a copy of your divorce decree (If you pay alimony or child support or if you are recently divorced.
- If you are not a citizen, a copy of the front and back of your green card.