Loan Checklist

DOCUMENTS & INFORMATION NEEDED TO COMPLETE A LOAN APPLICATION

Feel free to download this Checklist in PDF format

Note: A contract of sale is not needed for a loan approval

1 - PERSONAL INFORMATION

Items ending with * will be completed on your Residential Loan Application

  • Your basic information like name, address, and phone number*
  • Previous addresses for the past 2 years*
  • Dates of birth and years of school completed*
  • Social Security numbers for all applicants for credit check*
  • Race and ethnicity information (for government monitoring - You can choose to or not to disclose)*
  • Copy of valid ID such as a driver's license or government ID
  • Copy of Social Security Cards for all borrowers
  • Number and age of dependents*

2 - MILITARY INFORMATION (VA ONLY)

  • Copy of your DD214 if separated from the military
  • Completed Request for COE from 26-1880
  • Your Certificate of Eligibility (COE). Your loan officer can help you get this really quickly.
  • Statement of service from your commanding officer if you are active duty

3 - EMPLOYMENT & INCOME

  • Name, address, phone number, and dates of employment for all employers over the last 2 years
  • 30 days worth of most recent paystubs or (VA) most recent LES
  • Previous 2 years of W2's
  • If self-employed: Previous 2 years personal and business (signed/dated) tax returns with all schedules (using commission or other income to qualify, please provide previous 2 years signed, dated tax returns (we have special bank statement only loans for self-employed borrowers at a higher interest rate if needed).
  • Copies of social security, pension, and/or retirement award letters and corresponding 1099s (if you receive this type of income) Proof of receipt of income for 12 months and proof that it will continue for a minimum of three years
  • Divorce decree and settlement paperwork (if applicable)

4 - ASSETS

  • 60 days’ bank statements for checking and savings accounts showing enough money for your down payment (if any)and closing costs (if not covered by the seller or the lender) all pages even if blank
  • 60 days’ or quarterly statements – all pages even if blank for retirement accounts
  • List of all Real estate currently owned, mortgage lien holder, taxes, insurance and estimated value if any*

5 - PROPERTY (PURCHASE ONLY)

* A contract of sale is not needed for a loan approval

  • Purchase contract accepted and signed by you and the seller
  • Appraisal showing a value of at least the purchase price (KING FINANCIAL will order at your request)
  • Name and contact information for the homeowner’s insurance agent you will be using
  • Name and phone number for the homeowner’s association, if applicable and annual dues $___________
  • Copy of the Survey if provided by the Seller
  • A home inspection report is typically not required by your lender, but it’s a good idea to get an inspection.
  • VA LOANS require a Termite Inspection. The cost it typically discounted if you do the Termite inspection at the same time as the home inspection. If you elect not to do a home inspection and just a termite inspection that is fine.King Financial Group, will be paying for the Termite Inspection so please have your inspector send the invoice to: kathy.king@kingfg.com and it will be paid within 24 hours of receipt.

VA - You must occupy the property after the purchase is complete. No rentals/investment properties allowed.

6 - PROPERTY (REFINANCE)

  • Name, address, phone number and Loan number of Lender on the home you are refinancing (copy of mortgage statement)*
  • Copy of the most recent Survey of your property – If you have added any permanent structures like pools, new fences, patios or driveways since the last survey, please let us know please
  • Copy of your most recent Settlement Statement or Closing Disclosure

7 - CREDIT / LIABILITIES

  • Amount paid each month in child care $___________ (VA Loans only)
  • Explanation for derogatory credit (if applicable)
  • Bankruptcy and discharge signed by the judge (if applicable)
  • Documentation disproving any erroneous items on your credit report (if applicable)

IF YOU ARE APPLYING FOR A FHA OR VA STREAMLINE REFINANCE, YOUR REQUIRED DOCUMENTATION WILL BE MUCH LESS.

IMPORTANT INFORMATION:

Your Loan Originator will be sending you an eConsent Request via email. It is CRITICAL that all borrowers acknowledge this request immediately so we can communicate electronically throughout your mortgage loan process.

There are several documents that are CRITICAL to be signed and dated timely in order to close your loan on-time. All loan estimates and receipt of estimates:

  • Initial LE or Loan Estimate and Receipt of LE, & Intent to Proceed. Next, your Change of Circumstance when you lock your rate, and a new LE when it is revised with your locked rate. Next, your CD or Closing Disclosure 3 days prior to closing. It is Mandatory that we get an ACKNOWLEDGED email receipts from you for all of these documents on the day we send them to you. See you at closing! We appreciate you!
  • Intent to Proceed
  • Change of Circumstance and Revised Loan Estimate (if your interest rate was not locked at application)
  • New LE when it is revised with your locked rate
  • Intent to Proceed and acknowledgment of Intent to Proceed
  • Initial Closing Disclosure & Receipt of Closing Disclosure (minimum of three day prior to closing - this is CRITICAL)

MANDATORY: All emailed loan disclosures must be acknowledged ASAP for loan compliance.

Download this Checklist in PDF format

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