What is the needed documentation for a loan application?

What is the needed documentation for a loan application?

Getting  prepared for the home purchase process should include gathering the needed documentation for a loan application.

The exact list of the  documentation needed varies depending on the applicants situation.  However, there is a basic list of documentation for a loan application that can be the basis of your preparation.  Let’s take a look at it.

Click to Download the checklist
Click to Download the checklist

Loan Documentation Checklist

Not all items will apply to your situation


  • Pay stubs for the most recent 30 days available
  • W-2’s for the previous two years
  • Federal tax returns for the previous two years. All pages and schedules must be included
  • If self-employed, provide all pages and schedules of last two years’ business tax returns and corporate K-1’s
  • Proof of additional income, such as Social Security benefits, child support, or alimony (if applicable)


  • Provide ALL pages of most recent 2 months’ statements for all accounts; including all checking, savings, stocks, IRA, 401k, etc. The statements must show your name, account number and the name of the banking institution. Any non-payroll deposits will have to be explained and documented.
  • If funds to close will come from a gift, complete the gift letter (will be provided to you) and the following:
    • From the donor – bank statements showing the funds in the donor’s account and a copy of the check from the donor’s account
    • From you – a copy of the deposit slip showing the gift check deposited into your account
  • If funds to close are from sale of home
    • Estimated closing statement showing anticipated proceeds
    • Copy of final closing statement and deposit slip showing proceeds deposited into bank account

Credit / Identification/ Eligibility

  • Copy of driver’s license or other photo I.D.
  • Copy of divorce decree
  • Copy of bankruptcy papers, including all schedules and discharge, and credit explanation letter for reason for bankruptcy Letter of explanation on any late payments, collections, charge off’s or derogatory credit
  • Letter of explanation for all recent credit inquiries
  • If VA, DD214 if not active duty or Statement of service if active duty


  • Select your insurance agent and provide agent’s name, address, and phone number
  • If refinance, or if you will be retaining your current home or own other property
    • Current mortgage statement
    • Copy of insurance declaration page
  • If you’re currently renting, provide your Landlord’s name, phone number and address. 12 months cancelled rent checks will be necessary for private landlords.
  • If you live with a family member, letter stating you live rent-free

Do you have a special situation and not sure what you will need to document it?  Contact me and I will be happy to help you out.

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