Be Prepared:

Stress Less Loan Checklist.

Most recent paystubs for the last 30 days*  

• Weekly pay = 4 paystubs 
• Bi-weekly pay = 2 paystubs 
• Monthly pay = 1 paystub 

Most recent W-2s from all employers for the last 2 years 

• If you don’t have a copy, ask your tax preparer or your current/previous employer 
• If you filed online, download a copy electronically 

If you’re self-employed, most recent tax returns from the last 2 years 

• You must provide all federal tax schedules including any blank pages, if applicable 
• If you own a business, rather than working as an independent contractor, you must also provide your business tax returns for the last 2 years 

Most recent 1099s 

• If you’re an independent contractor, provide the 1099s from all jobs 
• If you’re self-employed or employed, but receive additional income, you need to provide 1099s 

Year-to-date Profit & Loss (P&L) statement and balance sheet 

• Lenders use this information to compare it to your annual income  

Employer information for the past 5 years  

• Provide the name and address of all employers, including dates of employment 
• Provide a letter of explanation for any gaps in employment 

Bank and investment statements for the last 3 months for any accounts used for qualifying 

• Statements must have your name, account number, and date 

• Provide all pages of the statements including blank pages 
• Make sure the statements are from the most recent 3 months 

Copies of checks for non-payroll deposits 

• If you have any deposits not tied to payroll, you’ll prove their origin with a copy of the check or electronic transaction 

Photo ID for the borrower and co-borrower, if applicable, including one of the following documents: 

• Driver’s license 
• State ID 
• Passport 

List of your residency history for the last 2 years  

• State whether you owned or rented the property 
• List the dates you lived there 
• Provide the name and account number of any mortgages you held

Purchase contract 

• Must be signed by all parties and include all terms and conditions of the sale 
• If it’s a new home, it must include all specifications and dates of completion

Copy of your current mortgage or deed 

• You can find the mortgage or note in your original closing package 
• Make sure to provide all pages 

HUD-1 or Closing Disclosure 

• This should be with your original closing package  

Proof of your homeowner’s insurance 

• Provide your insurance declarations page 
• You must have enough coverage for the home’s current value 
• The policy must be up-to-date and paid 

Contract signed with the buyers 

• The contract must include all terms of the sale and be signed by all parties 

• Veteran DD214 form
• Certificate of eligibility

• Bankruptcy papers including the petition, discharge, and all schedules
• Letter of explanation about your gap in employment
• Letter of explanation about any large deposits or withdrawals in your bank accounts for the last 3 months
• Divorce decree with details of the divorce agreement

Signed Form 4506-C to allow the lender to access your tax returns with the IRS 

• Mortgage application
  The mortgage application is a standard form called the 1003 or the Uniform Residential Application. It contains all the information lenders need to determine if you’re eligible for a loan, including your income documentation, asset documentation, and all personal identifying information. It’s important to be as accurate as possible. 
• Loan Estimate
  Once you provide a lender with a loan application including your name, address, social security number, income, property address, and estimated price of the property, they must give you with a loan estimate. You’ll receive the estimate within 3 business days of applying. It shows the total cost of the loan and breaks down the closing costs, monthly payment, interest rate, and total interest charges.  

  Use this to ensure all the details of the loan match what you were told when you applied.

•  Closing Disclosure
  Before you close on the loan, you’re required by law to receive a closing disclosure, and it should match the loan estimate. If there are changes and you weren’t aware of them, you should talk to the lender before closing.  You get 3 days before closing to review the document and ask questions. If too much must change, you may be required to have another 3 days to review the document before you close.