Checklist

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Loan Application Checklist

In general, the documentation you will need includes:

Property Information (if you already have a contract on a house)

  • Purchase Agreement.
  • 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.
  • For the past two years:
    • Names and addresses of each employer.
    • W-2s and signed tax returns
  • Statements for each bank, mutual fund, and/or investment account for the last three months (all pages).
  • If you have made any large deposits to your accounts:
    • Explanation and source of deposited funds.
    • If large deposit was a gift:
      • Signed gift letter (we will supply).
      • Copy of gift check.
      • Copy of deposit receipt.
    • Think “Paper Trail”
  • If you own more than 25% of a business:
    • Explanation and source of deposited funds.
  • If self-employed:
    • Complete Tax returns for the last two years.
  • If you own rental property:
    • Tax returns for the last two years and current rental agreements.
  • If you are retired:
    • Pension Statement / 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

  • Explanation of 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).

Miscellaneous

  • Photo ID and Social Security card.
  • Residence addresses for the past two years.
  • If applicable, a copy of your finalized divorce decree.
  • Insurance agents name and phone number
  • Letter of explanation for any derogatory credit items