In general, the documentation you will need includes:
– Check for application fee
Property Information (if you already have a contract on a house)
– Purchase Agreement.
– Copy of legal description and MLS sheet.
– If you are selling your current home, copy of listing contract.
– If you have sold your current home, copy of settlement statement (HUD-1).
Income & Assets
– Pay stubs for the last 30 days.
For the past two years:
– Names and addresses of each employer.
– Statements for each bank, mutual fund, and/or investment account for the last three months.
– Estimated value of personal property and furniture.
If you have made any large deposits to your accounts:
– Explanation and source for deposit.
If large deposit was a gift:
– Signed gift letter (lender can supply).
– Copy of gift check.
– Copy of deposit receipt.
If you own more than 25% of a business:
– Corporate or partnership tax returns.
– Tax returns for the last three years (with schedules).
– Year-to-Date Profit and Loss Statement prepared by an accountant.
If you own rental property:
– Tax returns for the last two years and current rental agreements.
If you are retired:
– Pension Award Letter.
If you receive Social Security:
– Social Security Award Letter.
If you are counting child support as income:
– Copy of divorce settlement.
– Copy of twelve months of cancelled child support checks.
– Names, addresses, account numbers, balances and monthly payments on all current loans.
– Explanation of credit report anomalies, including:
– Late payments, credit inquiries in the last 90 days, charge-offs, collections, judgments and/or liens.
– Bankruptcy filed within last seven years (bring a copy of your bankruptcy papers).
– Copy of DD Form 214, Report of Separation.
– Photo ID and proof of Social Security number.
– Residence addresses for the past two years.
– If applicable, a copy of your divorce decree.
– If you are not a citizen, a copy of the front and back of your green card.