Loan Application Checklist

Depending on the loan program, general documentations you will need includes:

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1. 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).

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2. Income & Assets

• Pay stubs for the last 30 days.

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 For the past two years:

•  Names and addresses of each employer.

•  W-2s

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3. Statements for each bank, mutual fund, and/or investment account for the last three months.

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4. Estimated value of personal property.

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5. 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.

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6. If you own more than 25% of a business:

•  Corporate or partnership tax returns.

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7. If self-employed:

• Tax returns for the last three years (with schedules).

• Year-to-Date Profit and Loss Statement prepared by an accountant.

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8. If you own rental property:

• Tax returns for the last two years and current rental agreements.

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9. If you are retired:

•  Pension Award Letter.

 

10. If you receive Social Security:

• Social Security Award Letter.

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11. If you are counting child support as income:

• Copy of divorce settlement.

• Copy of twelve months of cancelled child support checks.

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12. 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).

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13. VA Loans

• Copy of DD Form 214, Report of Separation.

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14. 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.