The real loan approval checklist If you have selected a 'no-doc' loan application that does not require verification of income, some of these items should not be sent to us. Simplify and speed up your loan approval process with this checklist. Asset accounts Bank statements, Money market, Stocks/CDs/Bonds: Copies of most recent 90 days statements, all pages. Car: No debt on the car and it is less than 5 yrs. old, send a copy of the title. Gift: Do you expecting a gift of money for closing? If you're putting down less than 20% of the total, 5% must be from your own funds (in your bank account for 120 days ). In Georgia, we have a 97% loan in which the down pmt can be gifted. Earnest money: Copy of canceled earnest money check (front & back) or copy of deposit receipt and front of check. Royalties, partnership, or rental income: Tax returns, all pages, including K1's from the most recent 2 years. Income Pay stubs and W2s: A copy of your most recent 30 day's pay stubs, and 2 years' W2's (unless this is a 'no doc"). If you are self-employed: Need two years corporate and personal tax returns - all schedules, all pages, YTD P&L (Unless this is a No-Income Verification loan.) Note: The underwriter will consider you as self-employed if commission is >25% of your income or you work for a relative or if you own >25% of a company. Documents Mortgage or rent: Copy of most recent 12 months' canceled checks (front/back); or name and address and account numbers; or the mortgage company must report to the credit bureau. Copy of the contract: with original signatures Divorced within the last few years?: Decree and settlement needed. If child support/alimony paid to you is used as part of your income, please supply copies of last 12 months of canceled checks; front & back. Sold a home recently? Copy of the settlement statement if sold within the last 24 months. Information Being relocated?: Need relocation agreement, executed buy-out, and proof of equity advance. Condo?: We will need several condominium documents, ask us. Please let us know if the home has one of these features: (1) no central heat; (2) the electric power is supplied by devices other than a local electric utility company (examples: diesel-powered generator; or wind- or solar power); (3) is zoned other than Residential. Services to be arranged New hazard insurance policy: Need policy and paid receipt for 12 month policy at closing If refinancing: need copy of warranty deed. In some states, a termite inspection report will be needed. If you have a septic tank, or a water well, additional reports may be needed. Ask us. Debt Loans (mortgage, landlord, car, student loans, and all types): You will need the name, address, account number, and minimum monthly payments for each account. Credits cards: Account numbers, balance due. Minimum monthly payments. Investment real estate: Name and address of mortgage company, account numbers, balance, payments, property value, copy of leases and deed. Expenses: Company expenses on your card? Plan to get a letter from company stating that they reimburse you. Full-service clients: call 800-859-5648 for assistance, or use mortgage@approved.com. http://web.archive.org/web/19980517151556/approved.com/checklist.html