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Our Lender Sharon Natarus at Wells Fargo has supplied this handy checklist of all the documentation you will need if you are going to apply for a loan. Prepare these items in advance to streamline your process. You can get Sharon’s PDF file here.
INCOME INFORMATION
☐ 30 days’ pay stubs with year-to-date information for all jobs and for each borrower
☐ Federal tax returns for the years (1040’s)
☐ W-2s for the years
☐ Written explanation if employed less than two years or gap in employment in last two years
CREDIT INFORMATION
☐ Most recent two months asset statements listed on the application – all pages (Example: checking account, savings account, CDs, money market accounts, IRA, 401k, etc.)
☐ If applicable, landlord name, phone number and address
☐ If you have any obligations due to legal action, (for example: child support, lawsuit judgment) bring in any judicial decree
☐ If applicable, complete Bankruptcy papers including discharge papers – also provide documentation supporting circumstances leading up to the bankruptcy, if able
☐ If applicable, credit explanation letter for any late payments, collections, judgments or other derogatory credit items
☐ Documentation for any large deposits outside payroll or gift fund deposits shown on asset statements
☐ Payments for utilities, rent and car
☐ Public utilities company name and phone number
☐ Phone company name and phone number
☐ Cable company name and phone number
☐ Car insurance company name and phone number
OTHER INFORMATION
☐ Copy of Driver’s License
☐ Copy of Social Security Card
☐ Homeowner’s Insurance information: Agent name and phone number
SPECIAL INFORMATION
☐ Last 3 years’ complete Federal tax returns (both personal and business returns)
☐ Year-to-date profit and loss statement
☐ List of all business debts
[...] If buyers are motivated, they should also have their finances in careful order. They will want to meet with a lender, get pre-approved, and know what the budget is. These buyers in a hurry will not want to deal with problems at the bank. (We recommend the mortgage checklist.) [...]