The documents usually required when applying for a loan are presented below. Have these documents ready when you apply for a loan (for your particular case, ask your Loan Officer):

a) Income items:

  • W2 forms for the last two years
  • Most recent pay stubs covering a 30 day period
  • Federal tax returns (1040s) for the last two years, if:
    • you are self-employed
    • earn regular
    • earn sizable interest income, etc.
    • earn more than 25% of your income from commissions or bonuses
    • own rental property
    • or are in a career where you are likely to take non-reimbursed business expenses
  • Year-to-Date Profit and Loss Statement (for self-employed)
  • Corporate or Partnership tax returns (if you own more than 25% of the business)
  • Pension Award letter (for retired individuals)
  • Social Security Award letters (for those on Social Security)

b) Asset Items:

  • Bank statements for previous two months (sometimes three) on all accounts.
  • Statements for two months on all stocks, mutual funds, bonds etc.
  • Copy of latest 401K statement (or other retirement assets because they can count as reserves)
  • Explanations for any large deposits and source of those funds
  • Copy of HUD1 Settlement Statement on recent sales of homes
  • Copy of Estimated HUD1 Settlement Statement if a previous home is for sale, but not yet closed
  • Gift letter (if some of the funds come as a gift from a family member-the lender will supply a blank form)
  • Gift can also require:
    • Verification of donor's ability to make the gift (bank statement)
    • Copy of the check used to make the gift
    • Copy of the deposit receipt showing the funds deposited into bank account a escrow
NOTE: many get their statements of various kinds over the internet and these are not always acceptable to lenders, especially when the printed version does not contain the borrower's name, account, and the name of the institution

c) Credit Items:
  • Landlord's name, address, and phone number (if you rent-for verification of rental)
  • Explanations for any of the following items which may appear on your credit report:
    • Late payments
    • Credit inquires in the last 90 days
    • Charge-offs
    • Collections
    • Judgments
  • LiensCopy of bankruptcy papers if you have filed for bankruptcy within the last seven years
d) Other:
          Copy of purchase agreement (if you have already made an offer)
To document receipt of child support (if you desire to show it as income)
    • Copy of Divorce Settlement (to show the amount)
    • Copies of twelve months canceled checks to document actual receipt of funds

e) FHA Loans:

          Copy of Social Security Card (or other documentation of social security number)

  • Copy of Driver's License

f) VA Loans:

  • Copy of DD214

g) Refinances:

  • Copy of your most recent monthly mortgage bill
  • The following cannot hurt to have ready, but are not as necessary as they once were:
    • Copy of Note on existing loan
    • Copy of HUD1 Settlement Statement on existing loan