Loan Documentation

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

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