By: Her Real Estate Office
Published: Mar 2023
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 requirements.
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
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:
Identification (one of these, which you will need to show in person)
Driver's license Passport Other state- or federal-issued ID
Income
Pay stubs for the last 30 days
Last two federal tax returns
Last two W-2s
Proof of any additional income (second jobs, social security, alimony, etc.)
Accounts
Last two statements on all bank accounts — be sure to include all pages, even blank ones
Statements for all investment and/or retirement accounts
Property
Settlement statement from previous home sale, if applicable
Additional documents
Contact information for your landlord(s) for the last two years, if applicable
Divorce decree, separation agreement, and/or property settlement agreement, if applicable
Gift letter if a family member is helping with down payment (lender will have form)
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:
Identification (one of these, which you will need to show in person)
Driver's license
Passport
Other state- or federal-issued ID
Income
Pay stubs for the last 30 days, if applicable
Last two federal tax returns
Last two W-2s or 1099s, if applicable
Proof of any additional income (second jobs, social security, alimony, etc.)
Accounts
Last two statements on all bank accounts — be sure to include all pages, even blank ones
Statements for all investment and/or retirement accounts
Property
Closing disclosure (or HUD-1 if the sale took place before Oct. 3, 2015) for previous purchase
Additional documents
Contact information for your landlord(s) for the last two years, if applicable
Divorce decree, separation agreement, and/or property settlement agreement, if applicable
Gift letter if a family member is helping with down payment (lender will have form)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
If you're buying a property you plan to rent, these are the documents you should have in hand to apply for pre-approval:
Identification (one of these, which you will need to show in person)
Driver's license
Passport
Other state- or federal-issued ID
Income
Pay stubs for the last 30 days, if applicable
Last two federal tax returns
Last two W-2s or 1099s, if applicable
Proof of any additional income (second jobs, social security, alimony, etc.)
Accounts
Last two statements on all bank accounts — be sure to include all pages, even blank ones
Statements for all investment and/or retirement accounts
Property
Settlement statement on any recent home sales
Recent mortgage statements on all properties you own
Proof of insurance for all properties you own
Current leases for all rental properties you own
Additional documents
Contact information for your landlord(s) for the last two years, if applicable
Divorce decree, separation agreement, and/or property settlement agreement, if applicable
Gift letter if a family member is helping with down payment (lender will have form)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
If you're self-employed or own a business, these are the documents you need for the mortgage pre-approval process:
Identification (one of these, which you will need to show in person)
Driver's license
Passport
Other state- or federal-issued ID
Income
Pay stubs for the last 30 days, if applicable
Last two federal tax returns
Last two 1099s
Proof of any additional income (second jobs, social security, alimony, etc.)
Accounts
Last two statements on all bank accounts — be sure to include all pages, even blank ones
Statements for all investment and/or retirement accounts
Last two years' Corporate, S-Corp, LLC, or partnership tax returns
Last two years' 1099s, if applicable
Property
Settlement statement from previous home sale, if applicable
Additional documents
Contact information for your landlord(s) for the last two years, if applicable
Divorce decree, separation agreement, and/or property settlement agreement, if applicable
Gift letter if a family member is helping with down payment (lender will have form)A letter of explanation (LOE) for late payments, collections, judgments, or other derogatory items in your credit history, if applicable
Last two months' profit-and-loss statements (you can put one together in about five minutes)Balance sheet, if applicable (rules vary by state)Current business license
VA Loan Documents
If you're seeking pre-approval for a Veteran's Administration home loan, these are the documents you will need:
Identification (one of these, which you will need to show in person)
Driver's license
Passport
Other state- or federal-issued ID
Income
Pay stubs for the last 30 days, if applicable
Last two federal tax returns
Last two W-2s or 1099s, if applicable
Proof of any additional income (second jobs, social security, alimony, etc.)
Accounts
Last two statements on all bank accounts — be sure to include all pages, even blank ones
Statements for all investment and/or retirement accounts
Property
Settlement statement from previous home sale, if applicable
Additional documents
Contact information for your landlord(s) for the last two years, if applicable
Divorce decree, separation agreement, and/or property settlement agreement, if applicable
A letter of explanation (LOE) for late payments, collections, judgments, or other derogatory items in your credit history, if applicable
Certificate of eligibility (COE) from the Veteran's Administration, which may require one or more of these documents, depending on your situation:Form DD-214, certificate of release or discharge
Statement of service from the adjutant, personnel office, commander, or higher headquarters if still on active duty
Form 26-1817 or form 21-534 for surviving spouses, plus form 1300, report of casualty, or death certificate
USDA Loan Documents
If you're applying for a U.S. Department of Agriculture Loan, you'll need these documents to seek pre-approval:
Identification (one of these, which you will need to show in person)
Driver's license
Passport
Other state- or federal-issued ID
Income
Pay stubs for the last 30 days, if applicable
Last two federal tax returns
Last two W-2s or 1099s, if applicable
Proof of any additional income (second jobs, social security, alimony, etc.)
Accounts
Last two statements on all bank accounts — be sure to include all pages, even blank ones
Statements for all investment and/or retirement accounts
Property
Settlement statement from previous home sale, if applicable
Additional documents
Contact information for your landlord(s) for the last two years, if applicable
Divorce decree, separation agreement, and/or property settlement agreement, if applicable
Gift letter if a family member is helping with down payment (lender will have form)A letter of explanation (LOE) for late payments, collections, judgments, or other derogatory items in your credit history, if applicable
Form 410-4: Uniform Residential Loan Application, filled out by applicant(s)Form 3550-4: Employment & Asset Certification, a separate form filled out and signed by each applicant
Form 3550-1: Authorization to Release Information, a separate form filled out and signed by each applicant and each adult household member
Form 4506-T: Request for Transcript of Tax Return, a separate form filled out by each applicant
Documentation of child care expenses for dependents 12 or younger, if applicable
Life insurance policy
For any household member who is a full-time student 18 years of age or older, a current school transcript
Annual medical expenses for applicants 62 years of age or older, or with a disability (to be considered for a deduction in household income)A written explanation of two years of employment history, including an explanation of gaps
Job-Based Incentive Loan Documents
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:
Identification (one of these, which you will need to show in person)
Driver's license
Passport
Other state- or federal-issued ID
Income
Pay stubs for the last 30 days, if applicable
Last two federal tax returns
Last two W-2s or 1099s, if applicable
Proof of any additional income (second jobs, social security, alimony, etc.)
Accounts
Last two statements on all bank accounts — be sure to include all pages, even blank ones
Statements for all investment and/or retirement accounts
Property
Settlement statement from previous home sale, if applicable
Additional documents
Contact information for your landlord(s) for the last two years, if applicable
Divorce decree, separation agreement, and/or property settlement agreement, if applicable
Gift letter if a family member is helping with down payment (lender will have form) A letter of explanation (LOE) for late payments, collections, judgments, or other derogatory items in your credit history, if applicable
By: Kelley Walters
Published: December 13, 2018