What Documents Will I Need for My Loan Application?
When preparing a loan, the lender will ask for substantial documentation. Here's a list of what is usually required.
Personal Information
Address and telephone numbers of each borrower
Previous address(es) over the last seven years
Social Security number(s) of applicants and copy of social security card for each applicant
Copy of current driver's license for each applicant
Age of applicant(s) and dependent(s) and birthdates
Name and address of landlord(s) or lender(s) for the past two years and proof of payment
Current housing expense details (rent, mortgage payments, taxes, insurance)
Employment/Income
name and address of employer(s) for the past two years
Pay stubs for the past 30 days
W-2 forms for the past two years
A written explanation of any employment gaps
If you're self-employed you'll need:
Complete, signed Federal Income Tax Returns for the past two years (personal and corporate)
Year-to-date Profit and Loss Statement and Balance Sheet
Other Income
If you receive Social Security, a pension, disability or VA benefits you'll need:
A copy of your awards letter (or tax returns for the past two years)
A copy of your most recent check
Child Support
If you pay child support you'll need:
A copy of the divorce or separation agreement
Evidence of payment for the last 6-12 months (cancelled checks of pay history from the courts)and proof that the child support will continue at least 3 more years from time of application.
Rental Income
If you receive rental income you'll need:
A copy of the lease
Debt Disclosure - Credit Cards, Loans and/or Current Mortgages
Name and address of each creditor
Account number, monthly payment and outstanding balance for each
Proof of recent payment or current statement for each
Documentation of alimony or child support you are required to pay
Written explanation of any past credit problems
Loan Application for Home Purchase
A complete, signed copy of sales contract · Mailing address and property description (if it's not in the contract)
A copy of your cancelled earnest money check Loan Application for Refinance
A copy of the deed (refinance only)
A copy of your hazard insurance policy (refinance only)
A copy of the property survey (refinance only)
Proof that your home has passed a termite inspection (refinance only)
Evidence of Funds for Down payment
If the down payment is a gift you'll need a signed gift letter, the giver's bank statement showing sufficient funds, a copy of the check and a deposit slip
If you have any recent large deposits or new accounts you'll need to show documentation
Other
If your loan is for new construction the lender will need to see plans and specifications
If there's a bankruptcy in your financial history you'll need complete documentation
Fees
Appraisal fee (approximately $350, $400)
Credit report fee (approximately $50)
In some areas, a flood determination fee (approximately $20)
Home Inspection Fee, if you choose to do so. (approximately $275)
What's Involved in the Closing Meeting? next page >
