For a Quick Easy Loan Approval Have These Items Ready When You Apply For a Loan
Income Items
- W2 forms for the last two years
- Most recent pay stubs covering a 30 day period
- Federal tax returns (1040’s) for the last two years, ALL PAGES AND SCHEDULES:
- any filed extensions
- any amended returns
- all K-1s that are listed on the schedule E
- 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)
Asset Items
- Bank statements for previous two months, ALL PAGES EVEN IF THE LAST ONE IS BLANK
- Statements for two months on all stocks, mutual funds, bonds, etcetera
- 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
- Gifts 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 or escrow
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 inquiries in the last 90 days
- Charge-offs
- Collections
- Judgments
- Liens
- Copy of bankruptcy papers if you have filed bankruptcy within the last seven years
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
- Copy of bankruptcy papers if you have filed bankruptcy within the last seven years
Refinances
- Copy of your most recent monthly mortgage statement
- Summary page of insurance on the home showing coverage and annual premium
