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Items You Need When Applying For a Loan Income Items
Name, address, and phone numbers for employer(s) for past two years.
W-2 forms for the last two years.
Pay stubs covering a 30 day period.
Any other income with evidence of receipt.
Federal tax returns (1040's) for the last two years, if:
- you are self-employed
- you earn more than 25% of your income from commissions or bonuses
- you own rental property
- you 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 applicable).
Pension Award letter (for retired individuals).
Social Security Award letters (for those on Social Security).
Asset Items
Bank statements for previous two-three months on all accounts.
Statements for two months on all stocks, mutual funds, bonds, etc.
Copy of latest 401K statement (or other retirement assets).
Explanations for any large recent 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 under contract, but not yet closed.
Gift letter (if some of the funds come as a gift from a family member). 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.
Debt and Credit Items
Authorization to Obtain Credit Report.
If presently renting, the Landlord's name, address, and phone number.
Information on current credit card debt including account numbers and balances.
Information on any other outstanding loans such as auto loans, student loans, etc. including type of loan, account number, current balance, monthly payment.
Other Liabilities: Alimony, child support, etc.
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
Photo ID such as copy of your driver's license.
Copy of purchase agreement (if you have already made an offer).
Documents regarding receipt of child support (if you show it as income):
- Copy of Divorce Settlement (to show the amount).
- Copies of 12 months of canceled checks to document receipt of funds.
FHA Loans
Copy of Social Security Card.
VA Loans
Certificate of Eligibility, DD-214 or Statement of Service.
For Refinancing:
Copy of Note on existing loan.
Copy of HUD1 Settlement Statement on existing loan.
Name, address, phone number, loan number of existing loan/lender.
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