Pre-Approval Checklist

Pre-Approval Checklist

The Pre-Approval checklist is a checklist of financial documents to support the loan application submitted by the borrower. All items may not be on the list as other requirements may arise during the loan process. 

During the Pre-Approval Process – Communication and Timeliness are Critical

between the mortgage team and borrower are critical to getting loan documents timely to insure an an time closing and approval within the dates of the sales contract.  Ideally, you’d want to provide these documents within two days of the completion of your loan application. 

☐Pay stubs: Most recent, covering the last 30 day period
☐W-2’s and/or 1099’s: Most recent 2 year period
☐Tax Returns: Most recent 2 year period (include personal and business if applicable)

ASSETSPre-Approval Checklist
☐Bank statements: Most recent 2 months (all pages)
☐Retirement/Investment: Most Recent 2 months or most recent quarterly statement (all pages)

☐Withdrawal terms for 401k or retirement acccount:  Can usually be found on the administrator’s website

☐During the process, we’ll run your credit and send the credit report to you. Please review and provide a signed letter of explanation for any address variations, name variations, derogatory credit and credit inquiries, etc.

☐Photo ID
☐Property owners: For each property owned, please provide your most recent mortgage statement, homeowner’s insurance declaration page,and HOA statement
☐Renters: Please send in a copy of your current rental agreement
☐Business owners: Provide K-1’s if less than 25% ownership, or full tax returns if more than 25%

  • ☐Divorce Decree if applicable
  • ☐Evidence of on time payments for child support if applicable
  • ☐Bankruptcy discharge and list of creditors if applicable
  • ☐Evidence of transfer of deed in instance of a foreclosure if applicable
  • ☐Proof of large deposits reflected on bank statements for items not specific to employment income or other ordinary income if applicable