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The Perfect List for your Loan Needs

Susan Miller

From houselogic.com

Whether you’re self-employed or applying for an FHA or USDA loan, here’s the pre-approval paperwork you need.


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If you’re serious about buying a home, getting pre-approved for a mortgage is a critical step. It’s also a tedious one. Lenders seem to want a mountain of documents and have so many {{ start_tip 124 }}requirements.{{ end_tip }}

Yet the payoff is worth it. Most agents recommend mortgage pre-approval because it strengthens your offer. Sellers like to know the buyer already has financing secured.

Plus, you’re going to need that same hefty stack of paperwork for your official mortgage application once you’ve got a contract on a home, so you’re really knocking out two tasks at once.

To help, we’ve created a documents checklist for each type of mortgage pre-approval. Warning: Some lists are longer than others:

Conventional Loan Documents

[Download the printable version]

If you’re employed and get regular paychecks, plus a W-2 every year, and you’re not going through FHA, USDA, or an incentive-buying program, these are the documents you need to apply for mortgage pre-approval:

  1. Driver’s license
  2. Passport
  3. Other state- or federal-issued ID

Income

  1. Pay stubs for the last 30 days
  2. Last two federal tax returns
  3. Last two W-2s
  4. Proof of any additional income (second jobs, social security, alimony, etc.)

Accounts

  1. Last two statements on all bank accounts — be sure to include all pages, even blank ones
  2. Statements for all investment and/or retirement accounts

Property

  1. Settlement statement from previous home sale, if applicable

Additional documents

  1. Contact information for your landlord(s) for the last two years, if applicable
  2. Divorce decree, separation agreement, and/or property settlement agreement, if applicable
  3. Gift letter if a family member is helping with down payment (lender will have form)
  4. A letter of explanation (LOE) for late payments, collections, judgments, or other derogatory items in your credit history, if applicable

FHA Loan Documents

[Download the printable version]

If you’re applying for mortgage pre-approval with the Federal Housing Administration, you’ll need these documents:

  1. Driver’s license
  2. Passport
  3. Other state- or federal-issued ID

Income

  1. Pay stubs for the last 30 days, if applicable
  2. Last two federal tax returns
  3. Last two W-2s or 1099s, if applicable
  4. Proof of any additional income (second jobs, social security, alimony, etc.)

Accounts

  1. Last two statements on all bank accounts — be sure to include all pages, even blank ones
    1. Statements for all investment and/or retirement accounts

Property

  1. Closing disclosure (or HUD-1 if the sale took place before Oct. 3, 2015) for previous purchase

Additional documents

  1. Contact information for your landlord(s) for the last two years, if applicable
  2. Divorce decree, separation agreement, and/or property settlement agreement, if applicable
  3. Gift letter if a family member is helping with down payment (lender will have form)
  4. A letter of explanation (LOE) for late payments, collections, judgments, or other derogatory items in your credit history, if applicable

Documents For Buying an Investment Property

[Download the printable version]

If you’re buying a property you plan to rent, these are the documents you should have in hand to apply for pre-approval:

  1. Driver’s license
  2. Passport
  3. Other state- or federal-issued ID

Income

  1. Pay stubs for the last 30 days, if applicable
  2. Last two federal tax returns
  3. Last two W-2s or 1099s, if applicable
  4. Proof of any additional income (second jobs, social security, alimony, etc.)

Accounts

  1. Last two statements on all bank accounts — be sure to include all pages, even blank ones
  2. Statements for all investment and/or retirement accounts

Property

  1. Settlement statement on any recent home sales
  2. Recent mortgage statements on all properties you own
  3. Proof of insurance for all properties you own
  4. Current leases for all rental properties you own

Additional documents

  1. Contact information for your landlord(s) for the last two years, if applicable
  2. Divorce decree, separation agreement, and/or property settlement agreement, if applicable
  3. Gift letter if a family member is helping with down payment (lender will have form)
  4. A letter of explanation (LOE) for late payments, collections, judgments, or other derogatory items in your credit history, if applicable

Self-Employed or Business-Owner Mortgage Documents

[Download the printable version]

If you’re self-employed or own a business, these are the documents you need for the mortgage pre-approval process:

  1. Driver’s license
  2. Passport
  3. Other state- or federal-issued ID

Income

  1. Pay stubs for the last 30 days, if applicable
  2. Last two federal tax returns
  3. Last two 1099s
  4. Proof of any additional income (second jobs, social security, alimony, etc.)

Accounts

  1. Last two statements on all bank accounts — be sure to include all pages, even blank ones
  2. Statements for all investment and/or retirement accounts
  3. Last two years’ Corporate, S-Corp, LLC, or partnership tax returns
  4. Last two years’ 1099s, if applicable

Property

  1. Settlement statement from previous home sale, if applicable

Additional documents

  1. Contact information for your landlord(s) for the last two years, if applicable
  2. Divorce decree, separation agreement, and/or property settlement agreement, if applicable
  3. Gift letter if a family member is helping with down payment (lender will have form)
  4. A letter of explanation (LOE) for late payments, collections, judgments, or other derogatory items in your credit history, if applicable
  5. Last two months’ profit-and-loss statements (you can put one together in about five minutes)
  6. Balance sheet, if applicable (rules vary by state)
  7. Current business license

VA Loan Documents

[Download the printable version]

If you’re seeking pre-approval for a Veteran’s Administration home loan, these are the documents you will need:

  1. Driver’s license
  2. Passport
  3. Other state- or federal-issued ID

Income

  1. Pay stubs for the last 30 days, if applicable
  2. Last two federal tax returns
  3. Last two W-2s or 1099s, if applicable
  4. Proof of any additional income (second jobs, social security, alimony, etc.)

Accounts

  1. Last two statements on all bank accounts — be sure to include all pages, even blank ones
  2. Statements for all investment and/or retirement accounts

Property

  1. Settlement statement from previous home sale, if applicable

Additional documents

  1. Contact information for your landlord(s) for the last two years, if applicable
  2. Divorce decree, separation agreement, and/or property settlement agreement, if applicable
  3. A letter of explanation (LOE) for late payments, collections, judgments, or other derogatory items in your credit history, if applicable
  4. Certificate of eligibility (COE) from the Veteran’s Administration, which may require one or more of these documents, depending on your situation:

USDA Loan Documents

[Download the printable version]

If you’re applying for a U.S. Department of Agriculture Loan, you’ll need these documents to seek pre-approval:

  1. Driver’s license
  2. Passport
  3. Other state- or federal-issued ID

Income

  1. Pay stubs for the last 30 days, if applicable
  2. Last two federal tax returns
  3. Last two W-2s or 1099s, if applicable
  4. Proof of any additional income (second jobs, social security, alimony, etc.)

Accounts

  1. Last two statements on all bank accounts — be sure to include all pages, even blank ones
  2. Statements for all investment and/or retirement accounts

Property

  1. Settlement statement from previous home sale, if applicable

Additional documents

  1. Contact information for your landlord(s) for the last two years, if applicable
  2. Divorce decree, separation agreement, and/or property settlement agreement, if applicable
  3. Gift letter if a family member is helping with down payment (lender will have form)
  4. A letter of explanation (LOE) for late payments, collections, judgments, or other derogatory items in your credit history, if applicable
  5. Form 410-4: Uniform Residential Loan Application, filled out by applicant(s)
  6. Form 3550-4: Employment & Asset Certification, a separate form filled out and signed by each applicant
  7. Form 3550-1: Authorization to Release Information, a separate form filled out and signed by each applicant and each adult household member
  8. Form 4506-T: Request for Transcript of Tax Return, a separate form filled out by each applicant
  9. Documentation of child care expenses for dependents 12 or younger, if applicable
  10. Life insurance policy
  11. For any household member who is a full-time student 18 years of age or older, a current school transcript
  12. Annual medical expenses for applicants 62 years of age or older, or with a disability (to be considered for a deduction in household income)
  13. A written explanation of two years of employment history, including an explanation of gaps

Job-Based Incentive Loan Documents

[Download the printable version]

Incentive-based programs — such as Good Neighbor Next Door, which provide mortgage assistance for public servants such as teachers, firefighters, police officers — have their own criteria. If you’re seeking one of these mortgages, you will need these documents for pre-approval:

  1. Driver’s license
  2. Passport
  3. Other state- or federal-issued ID

Income

  1. Pay stubs for the last 30 days, if applicable
  2. Last two federal tax returns
  3. Last two W-2s or 1099s, if applicable
  4. Proof of any additional income (second jobs, social security, alimony, etc.)

Accounts

  1. Last two statements on all bank accounts — be sure to include all pages, even blank ones
  2. Statements for all investment and/or retirement accounts

Property

  1. Settlement statement from previous home sale, if applicable

Additional documents

  1. Contact information for your landlord(s) for the last two years, if applicable
  2. Divorce decree, separation agreement, and/or property settlement agreement, if applicable
  3. Gift letter if a family member is helping with down payment (lender will have form)
  4. A letter of explanation (LOE) for late payments, collections, judgments, or other derogatory items in your credit history, if applicable
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