Loan Documents

Ready to apply for a loan? (Time to get the paperwork in order.)

Documents needed for all loan applications:

A two-year history of employment, residence, assets, and liabilities.

All Borrowers:

1. A copy of W-2's for the last two years.
2. Copies of paycheck stubs for the last 30 days (most current)
3. Copies of checking and savings account statements for the last three months (all pages)
4. Copies of quarterly or semi-annual statements for checking, savings, IRAs, CDs, money market funds, stocks, 401K, Profit Sharing, etc.
5. Copy of sales contract when ratified.
6. Employment history for the last two years (address and gaps of employment)
7. Residency history for the last two years, with name, phone number and address
8. Canceled earnest money check when it clears or corresponding bank statement, if applicable
9. Commissioned or bonused income—if 25% or more of base must have tax returns
10. A check for the expense of appraisal and credit report
11. Refinance: Copy of Note, Deed of Trust, Settlement Statement and Survey
12. Any assets used for down payment, closing costs and cash reserves must be documented by a paper trail.
13. If paid off mortgage in the last 2 years, need copies of HUD1

Self-employed Borrowers:

1. Copies of most recent 2 years tax returns
2. Copy of current profit and loss statement and balance sheet
3. Copy of corporate/partnership tax returns for most recent 2-year period if owning 25% or more of company and copies of W-2's and/or 1099 forms.

Documents Which May Be Required:

1. Relocation Agreement if move is financed by employer, i.e. Buyout agreement plus documentation outlining company paid closing costs benefits
2. Previous bankruptcy, need copies of petition for bankruptcy and discharge, including supporting schedule
3. Divorce decree if applicable
4. Documentation of  supporting moneys received from social security/retirement trust income,
   e.g. copies of direct deposit bank statements, awards letter, and evidence that income will continue

Documents Needed For FHA/VA Loans:

1. FHA: Copy of social security card and drivers license for each applicant and co-applicant
2. VA: Original Certificate of Eligibility and copy of DD214 Discharge Paper
3. VA: Name and address of nearest living relative

Refinancing—Is it right for you?

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