Loan Application Checklist

 

The Most Common Items You’ll Need to be Pre-Approved by any Lender

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There are three main components to process a loan for approval: Credit, Income, and Assets. The lender or mortgage broker will do a credit check. You provide the income, asset, and general documentation as it applies to you.

 

Credit Related

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• Most recent monthly statements for all current open loans

• An explanation for any derogatory information on your credit report.

 

Income

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• Pay stubs for the last 30 days

• Most recent two years federal income tax returns with all schedules

• W-2 or 1099 forms.

• If you own rental property, rental agreements, and any rent increase notices

• Pension award letter, if you are retired

• Social security award letter, if you receive social security

• Award letter if you receive permanent disability benefits

• If you receive child support, child support documentation

 

If You are Self-Employed

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• Signed copies of last two years’ business tax returns with all schedules

• Year-to-date profit & loss statement

• Personal financial statement.

 

Assets

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• Source of down payment and closing costs, including supporting documentation

• Bank statements for the most recent two months (all pages)

• Retirement account statements (401k, SEP, IRAs)

• Mutual fund and stock account statements.

• Estimated values for all personal property

• If you are selling another home, a copy of the escrow instructions

• If you sold another home, the closing statement on that transaction

• Gift letter and a copy of the check, if applicable

 

General

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• Photo ID

• social security

• if not a US citizen, a copy of the permanent resident alien card or work visa

• Separation, divorce and child support documentation, as applicable

 

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