Loan Application Checklist: Comprehensive Guide

1. Signed Borrower Authorization: Required from all borrowers.
2. Identification: All parties involved in the transaction must provide identification.
3. Pay Stubs: Covering the most recent 30 days.
4. W-2 or 1099 Forms: For the most recent two years from all employers.
5. Retirement Income:
   • Recent Social Security Income (SSI) Award Letter.
   • Recent Pension Award Letter.

1. Spousal Information (if applicable):
   • Identification if the transaction is in a community state and the spouse is not part of the mortgage.
   • Borrower authorization to pull the spouse's credit report if their liabilities will be included.

1. Divorce or Child Support Documentation:
   • Complete Divorce Decree if paying child support.
   • Support obligation amount if separated and spouse agrees to quitclaim/deed off at closing.

Conventional loans require the same documents as FHA, VA, and USDA loans, except for the spouse’s financial documentation. However, the spouse's agreement to quitclaim/deed off or be added to the title at closing is still necessary.

1. Business License (if applicable).
2. Tax Returns:
   • Personal tax returns (all pages and Schedule C) for the most recent two years.
   • Business tax returns for all businesses and K-1 forms.
   • Extension proof if the current year's tax returns have not been filed.

1. Corporate Documentation (if applicable):
   • Articles of Incorporation (all pages).
   • Duration of business operation and self-employment start date.

1. Recent Statements: One month of the most recent statements for all accounts (all pages with no whiteouts, redactions, or cutoffs).
2. Gift Funds (if applicable):
   • Gift letter for donor funds.
   • FHA requires the donor's most recent bank statement.
   • Conventional loans do not require a bank statement, but the account number on the gift letter and wire transfer must match.

1. Address History: Last two years or 24 months, including rent amount or confirmation of living rent-free.
2. Employment Information:
   • Names, positions, addresses, telephone numbers, and employment dates for all employers over the past two years.
   • Offer letter with the start date if changing employers.
   • University diploma if a recent graduate.

1. Mortgage Statements: Most recent statements for all properties.
2. Homeowners Insurance: Most recent policy details.
3. HOA Statements: If applicable, including HOA name, property address, and payment details.
4. Trust Documentation: If the property is in a trust, provide copies of the Trust Certificate (all pages).
5. Multiple Properties: If owning multiple properties or departing from residence, include mortgage statements, lease agreements (if applicable), homeowners insurance, and HOA statements for all properties.

1. Bank Statements: 12 or 24 months of bank statements (all pages) as per the lender and program guidelines.
2. Identifying Documents: At a minimum, all identifying documents for each borrower.

Having all the necessary documents ready can significantly expedite the loan application process and reduce potential delays. This comprehensive checklist ensures you are well-prepared for any type of mortgage loan application.

1. What documents are needed for a mortgage loan application? You will need identification, pay stubs, W-2 or 1099 forms, tax returns, and more based on the loan type.
2. Do I need to provide my spouse's financial documents?For FHA, VA, and USDA loans, spousal financial documentation may be required. For conventional loans, it is not necessary.
3. What if I am self-employed?You will need to provide business licenses, tax returns, and corporate documents if applicable.
4. Can I use gift funds for my down payment?Yes, but you will need a gift letter and possibly the donor's bank statement, depending on the loan type.
5. What additional documents are needed for refinancing?You will need recent mortgage statements, homeowners insurance, HOA statements, and possibly trust documents if applicable.