Loan Checklist

What You’ll Need

Underwriting guidelines dictate what documentation is required for loans. Most are very standard, but unique aspects of your application, such as how you receive income or if you are self-employed, can cause additional documentation requests. Providing as much of the expected documentation up front and as completely as possible has a significant influence on how quickly and painlessly your application process occurs.

Are you considering a home purchase in the near future? Make an effort to find and organize the following paperwork now, before you begin the application process. It will make an important difference with your mortgage experience.

Personal Information

• A copy of your driver’s license or ID (for any co-borrowers too)
• Most recent 30-day pay stubs
• Most recent two years of W2s
• Most recent two-month bank and asset statements, ALL PAGES
• Most recent retirement account statement, ALL PAGES

Documentation Because of Unique Features of Your Application

• If you own 25 percent or more of a corporation, the most recent two-year corporate tax returns
• If you are self-employed, the last two years of your personal and/or business tax returns
• If 25 percent or more of your income is from commission, the last two years of your personal tax returns
• If you have a rental property, your most recent tax return, copies of the rental agreement, property taxes, and homeowner’s insurance policy information
• If you are keeping your current home or property, a copy of the mortgage coupon, property tax, and homeowner’s insurance policy information
• If you are retired, a copy of your pension or Social Security award letter
• If you are using child support or alimony income to qualify, a copy of the last six months of child support checks or six months of printouts from the county child support division, and divorce decree
• A copy of your divorce decree if you pay alimony or child support

VA Loan Applicants

• A copy of the Report of Separation, DD Form 214
• A certificate of eligibility

You can provide these documents either in physical form or digitally – whichever is most convenient for you. Again, be mindful that as your documentation is reviewed, it may trigger additional supporting documentation requests. This is typical in the loan application process. Documentation requests are influenced by the thoroughness of documentation submissions and by the uniqueness and complexity of your application factors.

Want more help preparing for your mortgage application? Contact an experienced loan officer at Park Cities Mortgage. With their guidance, you can make the process stress-free.