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The Home Loan Checklist

When a home buyer eventually gets a contract on a home, they’ll likely need to talk to a lender about getting a mortgage. That process starts with the loan application. The application is much easier if you know what documents the lender is going to require.

Personal Information

Income

  • Names and addresses for each employer for the past two (2) years.
  • If a W-2 wage earner: most recent two (2) years W-2s and most recent pay stub covering a 30 day period, including overtime, bonuses, and commission income.
  • If receiving Bonuses and/or Commissions: provide signed copies of complete personal federal tax returns with all schedules for the last two (2) years.
  • If a Self-Employed borrower: most recent two (2) years personal tax returns including all schedules. Also provide a copy of your Profit and Loss Statement through the most recent quarter/year.
  • If Self-Employed, other than a sole proprietor: complete copy of Corporate, S-Corporation, or Partnership tax returns for the last two (2) years, including all schedules and signed by a company officer.
  • If receiving Social Security: a copy of your most recent Social Security Award Letter.
  • If receiving Pension/Retirement: a copy of your most recent Pension/Retirement check or if direct deposit, a copy of your bank statement showing the deposit source and amount.
  • If receiving Disability: a copy of your Disability Award Letter.
  • If receiving Child Support or Alimony (and wish to include as income): a copy of the divorce decree, including all

Assets

  • Statements for each bank, mutual fund, and investment account for the last three (3) months.
  • If you have any large deposits in your accounts: an explanation and source for the deposit.
  • If a large deposit was a gift: signed gift letter, copy of gift check, copy of deposit receipt.
  • Estimated value of personal property.

Debts

  • Names, addresses, account numbers, balances and monthly payments on all current loans.
  • Explanation of negative credit report items.

Property Information

Miscellaneous

  • Divorce decree, if applicable.
  • Personal check for loan application fee to cover the appraisal, credit check, and administrative costs.
  • Copy of the front and back of your green card for non-citizens.

Not all the information listed above is required by every lender, but it’s a good idea to have it handy just in case!