Pre-Approval Checklist

Pre-Approval Checklist

The Pre-Approval checklist is a list 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

Communication between the mortgage team and borrower are critical to obtaining loan documents timely to insure an on time closing and approval within the dates of the sales contract.  Ideally, the borrower should provide these documents within 72 hours of signing the Intent to Proceed

Please gather and upload to your MyAccount only the documents that are relevant to your finances.

Income/Employment information for all applicants

  • Pay stubs covering the last 30 days
  • W-2/1099 forms for the last two years
  • Tax returns for the most recent two year’s (include all pages)
  • Copy of tax extension if applicable for the current year
  • If child support payments are used as income, provide documentation of timely receipt for the most recent 6 months
  • If you are retired and receive retirement or social security -provide copy of most recent award letter/1099
  • If you have a gap of employment for more than 30 days in the past two years, please include a letter of explanation
  • Contact information to verify current and previous employment for the most recent 2 years OR Salary Key for The Work # can be generated at this website The Work Number
  • If you owe(d) the IRS for current or previous year’s taxes, provide evidence of payment with copy of bank statement or proof of monthly installment plan along with on time pay history
  • Due to COVID-19, the IRS has suspended transcripts processing to lenders – please go to Get My Tax Transcripts and request your tax transcripts online for 2019, 2020 and 2021

If you are self-employed/Own 25% or more of any commercial entity

  • K-1s for the most recent two years
  • Business tax returns for the most recent two years with all applicable schedules
  • Year to Date Profit and Loss Statement and Balance Sheet
  • Copy of business tax extension if applicable for the current year
  • Provide signed and dated P&L with YTD information within 30 days of submission to underwriting date. • Provide signed and dated explanation from borrower(s) explaining if and to what extent their income/employment has been affected

Pre-Approval Checklist

Asset information for all applicants

  • Statement for the most recent two months for checking, savings accounts, brokerage account (include all pages)
  • Source and paper trail for any large deposits
  • If you have joint ownership on an account with a non-purchasing individual, please provide a letter stating you have 100% access to the funds for the purchase of said property
  • 401k and/or IRA statements for the most recent period (include all pages)
  • If you are receiving a “gift” as part of your down payment, do not deposit the gift funds until you visit with your Loan Originator – we will provide a Gift Letter form
  • Proof of liquidation of funds from investment/retirement with a complete paper trail


  • Legible copy of all borrower’s Driver’s License and non-purchasing spouse is applicable
  • If you are not a US Citizen please provide residency card or acceptable and unexpired Visa or EAD card
  • If you have been divorced, include a signed filed copy of all divorce decrees and any stipulation or modifications
  • If you pay child support, please provide proof of on time payments for the most recent 12 months-cancelled checks or Attorney General website

Credit information for all applicants

  • Credit-Letter of Explanation (attached) – please complete, sign, date and return the attached document regarding credit inquiries, etc.
  • If you have declared bankruptcy in the last 7 years, provide a copy of the petition/decree, Schedule of Creditors and a copy of the discharge. Also include a letter of explanation on why you filed for bankruptcy
  • If you’ve had a foreclosure or deed in lieu of foreclosure, provide a copy of the Deed transferring ownership
  • If you do not have a Credit Score – please provide Four sources for each borrower without a credit score

Property Documents needed on ALL properties that you own and are retaining

  • Copy of mortgage statement or Release of lien if owned free and clear
  • Copy of most recent Homeowner’s Insurance invoice
  • Copy of Flood Insurance (if applicable)
  • Copy of most recent Property Tax statement
  • Copy of Homeowners Association Statement (HOA dues) or letter stating HOA dues are not due and payable (attached)
  • Copy of the existing survey
  • Copy of most recent lease agreement
  • If you are selling your current home, include a copy of your signed Closing Document (CD) (if your sale is not completed, provide a copy of the estimate of proceeds from your realtor, CD must be provided prior to closing).

If using VA Financing

  • VA Certificate of Eligibility
  • Form DD-214 or, for in-service veterans, Statement of Service
  • Most recent Leave and Earnings Statement (in-service veterans only)

First time home buyers resources

  • CreditSmart – If you are a first time home buyer it is highly recommended that you become knowledgeable and prepared about your role in a successful mortgage loan process – this course is not mandatory – recommended

Additional resources for first time home buyers

Additional items/requirements once contract is signed

  • Copy of cancelled Earnest Money check or money order
  • Copy of Option Fee Check
  • Printout from your bank account showing the Earnest Money cleared your account – printout dates should be from the last statement date up and until the check/money order cleared the account and must include a URL
  • Copy of contract signed by all parties
  • If you are purchasing a home you will need insurance at closing – please shop immediately for insurance and email a quote and the agent’s contact information as soon as possible or contact GuaranteedRate Insurance for a quick estimate of insurance to insure accuracy of your monthly payment and cash to close
  • e-sign all disclosures sent via secure link in a separate email
  • Pay the appraisal on our secure website as soon as the link is received in your Inbox