Loan Application Documentation Checklist

Now that you’ve found the perfect home, its time to get a great loan to go with it. To supplement your application, here is what you’ll need when you apply for a loan.

All Borrowers:

  • Copies of W-2s for the past two years;
  • Copies of the two most recent consecutive pay stubs showing year-to-date earnings;
  • Copies of checking and saving account statements for past three months (all pages);
  • Copies of quarterly or semi-annual statements for checking, savings, IRAs, CDs, money market funds, stocks, 401k, profit sharing, etc.;
  • Copy of sales contract when ratified;
  • Employment history for the previous two years (address any gaps of employment);
  • Residency history during the past two years, with name, phone number, address and account number of land or mortgage company; for rental property, copies of leases;
  • Canceled earnest money check when it clears or corresponding bank statement, if applicable;
  • Commissioned income – if 25% or more of base, must have tax returns;
  • Check for the expense of appraisal and credit report;
  • Refinance copy of note, deed of trust, settlement statement, survey and insurance information;
  • Any assets used for down payment, closing costs and cash reserves must be documented by a paper trail;
  • If paid off mortgage in the past two years, need copies of HUD1;
  • Copy of driver’s license for applicant and co-applicant;
  • Copies of your past two years’ tax returns;
  • Copy of Social Security Card for each applicant and co-applicant.

Self-Employed Borrowers:

  • Copies of your past two years’ tax returns (with all schedules, including K-I’s if applicable);
  • Copy of current profit and loss statement and balance sheet;
  • Copy of corporate/partnership tax returns for last two years if owning 25% or more of company plus copies of W-2s and/or 1099 forms.

Documents that may be required:

  • Relocation agreement if move is financed by employer (i.e. buyout agreement plus documentation outlining company-paid closing costs benefits);
  • If you’ve had a previous bankruptcy, bring copies of petition for bankruptcy and discharge, including supporting schedules;
  • Divorce decree (if applicable);
  • Documentation supporting monies received from Social Security/retirement trust income, i.e. copies of direct deposit bank statements, awards letter or evidence income will continue.

Documents needed for FHA/VA loans FHA: