Loan Application Checklist

The documentation you will need to process your loan application includes:

1. Check for application fee
 
2. Property Information (if you already have a contract on a house)

• Purchase Agreement.
• Copy of legal description and MLS sheet. 
• Copy of listing contract. (If you are selling your current home)
• Copy of settlement statement (HUD-1). (If you have sold your current home)

 
3. 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. 
• 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.

 
4. Debts

• Names, addresses, account numbers, balances and monthly payments on all current loans. 
• Explanation of negative credit report issues, 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). 

 
5. VA Loans

• Copy of DD Form 214, Report of Separation.

 
6. Miscellaneous

• Photo ID and proof of Social Security number. 
• If applicable, a copy of your divorce decree. 
• Home addresses for the past two years. 
• If you are not an American citizen, a copy of the front and back of your Green Card.