Items You Need When Applying For a Loan

When applying for a loan, it's essential to gather all necessary documentation to facilitate the process efficiently. Here's a comprehensive list of items typically required for most standardized loans, categorized into income items, asset items, credit items, and other relevant documents:

Income Items:

W2 forms for the last two years
Pay stubs covering a 30-day period
Federal tax returns (1040s) for the last two years if:
Self-employed
Earn more than 25% of income from commissions or bonuses
Own rental property
Have non-reimbursed business expenses
Year-to-Date Profit and Loss Statement (for self-employed)
Corporate or partnership tax returns (if applicable)
Pension Award letter (for retired individuals)
Social Security Award letters (for recipients)

Asset Items:

Bank statements for the previous two months (sometimes three) on all accounts, including all pages
Statements for two months on all stocks, mutual funds, bonds, etc.
Copy of the most recent 401K statement or other retirement assets
Explanations for any large deposits and the source of those funds
Copy of HUD1 Settlement Statement on recent sales of homes
Copy of Estimated HUD1 Settlement Statement if a previous home is for sale but not yet closed
Gift letter (if funds come as a gift from a family member) with additional requirements if applicable

Credit Items:

Landlord’s name, address, and phone number for rental verification
Explanations for any items appearing on the credit report such as late payments, credit inquiries, charge-offs, collections, judgments, and liens
Copy of bankruptcy papers if filed within the last seven years

Items You Need When Applying For a Loan

Income Items:

Asset Items:

Credit Items:

Other Documents: