What You Need to Know

Documents Needed for Loan Applications

Your First Choice Loan Services Loan Originator will work side by side with you to guide you through the process of applying for a loan. Depending on your loan type and circumstances, there are several documents that are required to apply. Be sure to review and collect each document to make your application process smooth and easy.

A mortgage application is an important financial commitment. Be sure to carefully complete your application as accurately as possible. Failure to disclose credit problems or provide requested documents may delay the application process and potentially prevent your mortgage approval or on time closing.

Documents Required by All Borrowers

  • Copies of W-2s for the past two (2) years
  • Copies of your two (2) most recent consecutive pay stubs showing year-to-date earnings
  • Copies of checking and saving account statements for past three (3) months (all pages)
  • Copies of quarterly or semi-annual statements for checking, savings, IRAs, CDs, money market funds, stocks, 401k, profit sharing, etc.
  • Copy of your sales contract when ratified
  • Employment history for the previous two (2) years (acknowledging any employment gaps during this time)
  • Residency history for the past two (2) years including your name, phone, address and account number of the land or mortgage company
  • For rental property, copies of leases
  • A canceled earnest money check when it clears, or a corresponding bank statement
  • Proof of commissioned income; if income is 25% or more of your base, then you must show tax returns
  • A check for the expense of appraisal and credit report
  • A copy of your refinance note, deed of trust, settlement statement, survey and insurance information
  • Any assets used for down payment, closing costs and cash reserves must be documented
  • If you’ve paid off a mortgage in the past two (2) years, copies of your HUD1
  • A copy of your applicant’s and co-applicant’s driver’s license
  • Copies of your past two (2) years’ tax returns;
  • A copy of your Social Security Card for each applicant and co-applicant

Documents Required by Self-employed Borrowers

  • Copies of your tax returns from the past two (2) years (with all schedules, including K-1’s if applicable)
  • A copy of your current profit and loss statement and balance sheet
  • A copy of corporate/partnership tax returns for last two (2) years if you own 25% or more of company
  • Copies of W-2s and/or 1099 forms

Documents Which May be Required

  • If your move is financed by an employer, you must supply your relocation agreement, which is the buyout agreement plus documentation outlining company-paid closing cost benefits
  • If you’ve previously declared bankruptcy, then you must bring copies of your petition for bankruptcy and discharge, including supporting schedules
  • If you are divorced, then you must present your divorce decree
  • If you’ve received Social Security or retirement trust income, then you must provide documentation supporting monies received, such as direct deposit bank statements, awards letter, or evidence income

Documents Needed for FHA or VA Loans

  • FHA Loans: Provide a copy of Social Security Card and driver’s licenses for each applicant and co-application
  • VA Loans: Provide an original certificate of eligibility, a copy of DD214 discharge paper, and a name and address of the nearest living relative