Loan Application Checklist

In general, the documentation you will need to complete your loan application includes:

Property Information (if you already have a contract on a house)
Purchase Agreement to include agent contact information.
Copy of legal description and MLS sheet.
If you are selling your current home, copy of listing contract.
If you have sold your current home, copy of settlement statement (HUD-1).

Income & Assets

Pay stubs for the last 30 days - may need to update before closing.
  Information for the past two years:
 

Names and addresses of each employer.

W-2s for all borrowers (unless VA loan) (if self-employed, see below for needed documentation)
Statements for each bank, mutual fund, and/or investment account for the last two months.
(Bank statement, printout from bank w/teller's stamp and signature or web printouts with bank's URL address displayed at bottom of page are acceptable forms).
  If you have made any large deposits to your accounts:
 

Explanation and source for deposit.

If large deposit was a gift:
 

Signed gift letter (Residential Mortgage 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 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 or most recent retirement statement.
  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

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

Late payments on any accounts within the past 12 months, 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 for separated and Statement of Service for active duty.

Miscellaneous

Photo ID and proof of Social Security number.
Residence addresses and landlords for the past two years.
If applicable, a copy of your divorce decree or child support court order.
If you are not a citizen, a copy of the front and back of your green card.

 

 

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