Getting ready for your lender
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