Loan Application Checklist
To help our clients be as prepared as possible, we have compiled this checklist to help ensure your loan application process goes as smoothly as possible by providing a general outline of the documents you should have prepared to provide to your loan officer.
It is important to note each loan application and applicant may require additional, or different, documentation. Your loan advisor will notify you of anything that may differ from this checklist. Be sure to follow the instructions of your loan originator over our generic checklist.
It is important to note each loan application and applicant may require additional, or different, documentation. Your loan advisor will notify you of anything that may differ from this checklist. Be sure to follow the instructions of your loan originator over our generic checklist.
The Property
Make and submit a copy of your signed property sales contract—including any additional riders added to the initial contract.
A copy of the property’s Listing Sheet and legal description (if you do not have this, speak to your realtor about obtaining a copy).
If the property is a condo, we’ll also need the condominium declaration and by-laws.
Proof of the deposit or earnest money you made on the property.
The name, address, and contact information of all parties involved in the sale/purchase of the property. This includes all realtors (yours and theirs), builders, attorneys, and insurance agents.
Personal Income
Paystubs of the most recent 30 days that also display the year-to-date income.
W-2s for the last two years.
The name and address of all employers over the last two years. If there is any gap in employment, then a letter explaining the gap is also required.
Front and back copy of work visa or green card if you have one.
If you are self-employed or receive commissions, bonuses, interest/dividends, or rental income then you will also need to supply the following:
Your tax returns for the past 2 years and a year-to-date Profit and Loss Statement.
Any K-1s or S-Corporations from the past two years.
If you have ownership of 25% or more, then a completed and signed 1065 (Federal Partnership) and 1120 (Corporate Income Tax Returns).
If you will be including the monies received from alimony or child support to qualify, then you will also need to provide:
A copy of your divorce decree or court order that shows the amount of support received.
Proof that the funds were in fact received by you for the last 12 months (e.g., bank statements).
If you receive Social Security Income, Disability, or VA Benefits, then the following is necessary to provide your loan originator:
The award letter from the issuing agency/organization.
Source of Funds and Down Payment
If you are selling your existing home, you’ll need to provide a copy of the (signed) sales contract or the listing agreement if it is still on the market. At the time of closing, you will need to subsequently provide a Settlement or Closing Statement from that property.
Copies of bank statements for the last three months from all checking, savings, and money market funds.
Copes of stocks or bond statements from your broker (or copies of Certificates).
A Gift Letter if any of the funds used for paying the earnest money, down payment, closing costs, etc. were received from a family member, relative, or other parties as well as a receipt of the funds received.
Debt or Obligations
The names, addresses, account numbers, outstanding balances, and the minimum monthly payment required by each outstanding debt.
Copies of statements for all outstanding debt from the last three months.
The names, addresses, account numbers, outstanding balances, and the minimum monthly payment required by any mortgage lender/servicer or landlord for the past 2 years.
If you are required to pay alimony or child support, you’ll need to provide a copy of your divorce decree or court order showing the amount of your support obligation.