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For
a Quick Easy Loan Approval:
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Have
These Items Ready When You Apply For a Loan
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| 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, if:
- you are self-employed
- earn regular income from
capital gains
- earn sizable interest
income, etc.
- earn more than 25% of
your income from commissions or bonuses
- own rental property
- or are in a career where
you are likely to take non-reimbursed business expenses).
- 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)
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| Asset
Items |
- Bank statements for previous
two months (sometimes three) on all accounts. All
pages, even if you don't think them important.
- 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 (if some of the funds
come as a gift from a family member - the
lender will supply a blank form)
- 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
- Note: many
get their statements of various kinds over the internet
and these are not always acceptable to lenders, especially
when the printed version does not contain the borrower's
name, account number, and the name of the
institution.
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| 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
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| 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
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| FHA
Loans |
- Copy of Social Security Card
(or other documentation of social security number)
- Copy of Driver’s license
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| VA
Loans |
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| Refinances |
- Copy of your most recent monthly
mortgage bill
- The following cannot hurt to
have ready, but are not as necessary as they once were:
- Copy of Note on existing
loan
- Copy of HUD1 Settlement
Statement on existing loan
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