Loan Application Checklist
Having the following items prepared and documents ready will enable mortgage providers to help you get on the path to home ownership as quickly and easily as possible.
Items needed for mortgage application
Fully Ratified Contract (all pages)
- Conventional / FHA or VA loans, please provide:
- Two years’ most recent tax returns (all pages and schedules include all K-1s and 1099’s, sign and date page 2 of the returns).
- If you are salary, hourly, or C Corp employee:
- please provide W2 Forms for the previous two years (all W-2s)
- If you are self-employed: provide the previous 2 years’ tax returns (all pages and schedules, signed and dated). In addition, a year-to-date profit and loss statement may be required. Also, include a copy of your business license.
- If you receive a 1099 you are viewed as a self-employed borrower and will be asked to provide that category of documentation.
- If you are an S Corp or Partnership provide business tax returns and K1’s.
- If you have ownership interest in a Corporation or Partnership exceeding 25%, please provide business tax returns for the past two years, all schedules — including a profit and loss statement and a corporate balance sheet.
- Income from Alimony / Child Support must be court ordered. Please provide copies of legal papers (include all pages), and proof of receipt of those payments for a minimum of 3 months.
Last two paystubs (if applicable)
Bank Statements: You must provide all pages (Even if the last page is blank)
- Two most recent bank statements for checking and/or savings accounts covering 60 consecutive days (include all pages).
- Online statements are acceptable and must include your name, account number, and the name of the financial institution.
- If you are liquidating any stocks, you will need to provide a statement showing 60 consecutive days. Once the money is taken out, we will need to see a transaction history showing the money being pulled out and then another statement from the account where it is being deposited.
Copy of Driver’s License
- If closing with power of attorney.
- If you are receiving gift monies from a family member, we will need a gift letter filled out.
- The Gift Letter printable form can be downloaded here and can also be found on our Resources page.
- Provide a copy of the bank statement showing the funds being deposited into your account.
- A bank statement showing donors ability to give gift.
- If you just recently graduated from school, please provide a copy of your official school transcripts .
If you presently own property:
- If the property(s) is not paid off:
- Escrowed: provide just a mortgage statement, HOA coupon if townhome or condo.
- Not Escrowed: mortgage statement, tax bill, insurance certificate, HOA coupon if townhome or condo.
- If the property(s) is paid off:
- Provide property tax bill, certificate of insurance or contact information for insurance agent, coupon or other document to show HOA payment if it is a townhome or condo3.
- Do not make any large purchases or bank withdrawals during the process. You may be asked by the underwriter to write a letter of explanation for all large withdrawals from your financial account(s). Do not make large deposits that are not paycheck deposits without contacting your mortgage lender first. If you are transferring money please provide documentation of the transfer from both accounts. Do not take out any loans from the time of your application until after the time you settle. Payments against any new loans will be counted in your debt to income ratio and could make you ineligible for a loan.
- Do not apply for new credit during you transaction process. Mortgage lenders are monitoring a borrower’s credit for inquiries. If there is an inquiry into your credit during the transaction process an inquiry letter will be provided for you to complete.