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LOAN CHECKLIST

Use this checklist to make sure you have everything you need before you begin your loan application. Having all necessary documentation up front saves time so your loan can close smoothly and quickly.

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  1. BANK STATEMENTS
    Last two months from all accounts
  2. RETIREMENT
    Last two months of retirement/pension, 401k and social security 1099 statements
  3. PAY STUBS
    Last 30 days
  4. TAX RETURNS
    Last two years of 1040 federal tax returns, last two years of federal corporate and/or partnership tax returns (if self-employed), last two years of W-2 forms
  5. VALID ID COPY
    Driver’s license, social security card, passport
  6. EARNEST MONEY
    Copy of earnest money check deposit
  7. AWARD LETTERS (If applicable)
    For retirement/pension income, social security, disability income
  8. DIVORCE (If applicable)
    Decree and separation agrement
  9. MORTGAGE STATEMENTS (If applicable)
    Property tax bills and homeowners insurance statements for all real estate owned
  10. BANKRUPTCY (If applicable)
    Petition and Discharge

 

DO’S AND DON’TS

  • Don’t apply for new credit of any kind
  • Do keep all existing credit card accounts open
  • Don’t max out or overcharge existing credit cards
  • Do keep your employment within the same company of field of work
  • Don’t consolidate debt to one or two credit cards
  • Do pay off collections, judgements or tax liens reported within the past year
  • Do be prepared to pay off collections if required by underwriting or the loan program guidelines
  • Do provide any documentation for satisfied judgements or paid tax liens
  • Do stay current on payments for all existing monthly obligations
  • Do call me before making any financial decisions or changes to your normal financial routine. I’m there to help you through the process

 

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