For a Quick and 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 (1040s) for the last two years, IF
You are self-employed
Earn regular income from capital gains
Earn more than 20% 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 20% of the business)
Pension award letter (for retired individuals)

Social security award letters if applicable

Asset Items:

Bank statements for previous two months (sometimes three) on all accounts – all pages even if you don’t think they’re important
Statements for two months for all stocks, mutual funds, bonds etc.
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 were deposited into bank account or escrow
NOTE: Many get their statements of various kinds over the internet and these are not always accept

Credit Items:

Landlord’s name, address, and phone number if you rent
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
Judgements
Liens
Copy of bankruptcy papers if you have filed for 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 wish 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
FHA Loans
Copy of social security card (or other documentation of SSN)
Copy of driver’s license
VA Loans
Copy of DD214
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