REQUIRED INFO FOR LOAN APPLICATION

For a "pre-approval" all the lenders will need is your names, income and social security numbers so they can pull a credit report. But for a formal loan application they will require much more.  A "formal application" is made after you have selected the home you want to purchase and decided on which lender you want to use. You can furnish much of this info ahead of time and get a pre-approval which is a good thing and will not leave you scrambling at the last minute to get all this info together. I suggest you do this pre-approval as soon as you decide which lender you will be using. You will be ahead of the game at that point. Since all lenders are a little different in their requirements I will give you the general rules and requirements.

Assuming you have already supplied your names and  social security numbers you will need the following additional documents/info:

1. A check for the application fee.

2. Contract for the home to be purchased.

3. Legal description of the property.

4. If you have recently sold your home, then a HUD-1 from the sale.

5. Pay stubs for last 30 days.

6. Name and addresss for employer(s) for last 2 years

7. W-2's  and tax returns for past 2 years.

8. Statements from all banks, investment accounts, etc. for last 3 months.

9. Explanation of any large deposits into any of these accounts.

10. Names, addresses, account numbers, balances and monthly payments for any and all debts.

11. Explanation for any late payments, defaults, bankruptcies, collections, judgements or leins for last 3 years (or more)

12. Photo ID and proof of social security number.

13. Residence addresses for last 2 years and rental payment record.

If you are self employed you will also need full tax returns for last 3 years and a year to date profit and loss statement (prepared by an accountant)

If you are at least 25% owner of a company, you will need copies of corporate tax returns for last 2 years.

If you own rental properties you will need tax returns for last 2 years and copies of current rental agreements.

If you are retired or receiving social security, you will need award letters from social security and any pensions.

If you are going to use VA for a loan, you will need a copy of DD form 214 and report of separation.

Even more may be required by your chosen lender but if you have these items you will be better prepared.