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.