Loan Application Document Checklist

Often much less information is necessary... however, below is the 'standard' support documentation that may be required.

The higher your credit score... the less documentation!

In general, the documentation you will need includes:

Property Information:

IF Purchasing: Purchase Agreement & copy of any Escrow Deposit check(s) w/ receipt.
IF Refinancing: Copy of 'Site Survey' & Copy of Your Prior Owner's Title Insurance Policy (Schedule A-1)
If you are selling your current home, copy of listing agreement.

If you recently sold your current home, copy of settlement statement from the sale (HUD-1), or copy of the signed contract.



Income & Assets (less documentation may be required - call)

Pay stubs (2 Most recent covering at least 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 2 months (covering 60 days).
Estimated value of your personal property.
  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 that provides you income:
 

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 and current Balance Sheet prepared by an accountant.
  If you own other real estate or rental property:
 

Tax returns w/ Schedule E for the last two years and copies of all current rental agreements, as well as property tax and hazard insurance info.
  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

Quick list breakdown of accounts w/ balances and monthly payments on current loans. (to verify against your credit report for accuracy)
Quick Explanation of any 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).

Forclosure filed within last 10 years (bring a copy of your explanatory papers).

VA Loans

Copy of DD Form 214, Report of Separation.

- Your VA Guarantee Insurance Eligibility

Miscellaneous

Photo ID / Proof of Legal Residency
Residence address(es) 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 Copy of your Passport & unexpired Work Visa.



 



 

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