Whenever you apply for a loan, there will always be a loan application checklist of items required by the lender to underwrite and approve the loan.

In general, the documentation you will need includes:

• Check for the application fee

Property information

(If you already have a contract on a house)

• Purchase agreement
• Copy of the legal description and MLS sheet
• If you are selling your current home, a copy of the listing contract
• If you have already sold your current home, a copy of the settlement statement (HUD-1)

Income and 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 the 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)
  • Year-to-Date Profit and Loss Statement prepared by an accountant
• 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 several months of canceled 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