Checklist for Loan Application

Your residence addresses for the past TWO years;

Names, addresses and phone numbers of ALL landlords for the past TWO years;

Present value of ALL real estate owned;

Names, addresses, phone numbers and contact person(s) for ALL employers for the last two years;

W-2 Forms for ALL employers for the last TWO years;

Pay stubs covering the most recent 30-day period (ALL current jobs!);

TWO most recent months’ bank statements (ALL accounts, ALL pages);

Evidence of alimony or child support, a copy of the court order and ages of child(ren);

Copy of divorce decree AND separation agreement;

Social Security and other benefit award letters, if being used towards qualifying income;

Stock information including names of stocks, shares owned, current price per share AND last three month’s stock statements (OR most recent quarterly statement);

Make, year and estimated value of ALL automobiles. Also, include copy of title IF auto is less than four years old AND owned free and clear;

Documentation relating to ANY special issues (i.e. bankruptcy, credit problems and/or recently established accounts for deposits or loans); AND

Copy of deed, most recent tax bill AND most recent homeowner’s insurance bill (for refinance only).

 

VA LOANS (In addition to above bullet points):
ORIGINAL DD-214 of Certificate of Eligibility

 

SELF-EMPLOYED
(THIS IS IN ADDITION TO, not instead, of pay stubs & W-2. All other normal supporting documentation will always apply.)

Whenever you consider yourself as self-employed. Self-employed is defined as any person who owns 25%, or more, of ANY business.

Whenever you work for a family held business.

If you receive handwritten, NOT computer generated pay stubs or W-2’s, or if you work for a company that does not issue pay stubs.

If you receive ANY of the following income types: interest/dividends, rental, Schedule C, E, and/or F.

If you receive 25% or more of your base income from any of the following sources: overtime, commission, bonus, incentive, piecework, second or seasonal job, capital gains, and/or alimony.

If you’re employed in any of the following fields: sales of any kind, unions (such as journeyman, electrician, plumbers etc.), trucking, wait staff, hairdressers, substitute teachers, visiting health care professionals. Additionally included are any other fields that rely heavily on tips, mileage, or per diems for income.

If you have multiple jobs AND multiple W-2’s for the most recent 2-year period.

If you’re an over-the-road truck driver. They typically get paid per job and have business expenses that need to be deducted before the income is averaged.

If you don’t work standard set hours. For example, you have 4 pay stubs: one reflects 22 hours, one 40 hours, one 32 hours and one 35 hours.

If you work in a field that has several pay scales based on required shift work (i.e. police, fire, EMT, nurses, X-Ray Techs and other health care professionals).

You derive your pay from a 1099, instead of a W-2.