Loan Checklist

Purpose of a Loan Checklist

Whenever you apply for a mortgage loan, you are asked questions about your financial history, property, employment, income, bank accounts, and credit. It is always best to be prepared to answer these questions as they come, and even have your documents handy for easy reference. This loan checklist will cover some common documents and information to help in your preparation for answering questions during an application. Keeping these documents available is also to forward to a loan officer when requested.

Income Documentation

Salaried Income

W2’s over the last 2 years

Paystubs over the last 30 days (they should include gross wages, taxes, deductions, contributions, and net pay information)

  • Some states do not require employer-issues pay stubs, but an employee has a right to request payroll records as the Fair Labor Standards Act requires employers to keep accurate records of employee’s wages and hours worked.

*If you work for a family owned business, other documents may be required by the lender

Self-Employed Income

Personal Tax Returns for the past 2-3 years

Business Tax Returns (All Schedules) for the past 2-3 years

Business Financials (Income Statement, Balance Sheet)

  • Not all lenders require that business financials be submitted as supporting documents for a mortgage
  • Some lenders require business financials based on the borrowers percentage of ownership in the company
  • Some lenders require business financials to be signed by a CPA

Fixed Income

Social Security Income Awards Letter (from current year) or 1099 Form

Social Security Disability Awards Letter (from current year)

Pension Awards Letter (from current year)

Annuity Contract (Or Annuity Document which shows the term and amount of distributions)

Investment Statement (Most recent Quarterly Statement)

Bank Statements Showing Direct Deposits of SSI, SSDI, Pension, Dividend Income

Other documents that can supplement the distribution of income from investments which show amount of investment, term of distributions, and history of deposits as income.

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Bank Statements over the last 60 days

Investment Statement from most recent quarter (401k, Pension, Stocks, Bonds & etc)

Copy of Gift Check

Letter of Gift Check Written by the Issuer of Gift Funds


Letter of Explanation for any credit inquiry over the last 6 months (Sometimes Lender will supply a worksheet to fill out this information)

Recent Statement for any new credit obtained in the last 6 months (It should show the current balance, and monthly payment amount)

Receipt for any judgments, liens, or collections paid off