LOAN APPLICATION CHECKLIST

It can be easy to feel overwhelmed when looking into mortgage loans. Here's a checklist to help put your mind at ease and get you another step closer to securing your loan!

PROPERTY INFORMATION (IF YOU ALREADY HAVE A CONTRACT ON A HOUSE)

  • Purchase Agreement.

  • 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.

  • 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 and furniture.

  •  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).

  • 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.

DEBTS

  • Names, addresses, account numbers, balances and monthly payments on all current loans.

  • Explanation of credit report anomalies, 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).

VA LOANS

  • Copy of DD Form 214, Report of Separation.

MISCELLANEOUS

  • Photo ID and proof of Social Security number.

  • Residence addresses for the past two years.

  • If applicable, a copy of your divorce decree.

  • If you are not a citizen, a copy of the front and back of your green card.