Documents You Need for Mortgage Pre-Approval: A Checklist for Each Type of Loan

If youre serious about buying a home, getting pre-approved for a mortgage is a critical step. Its also a tedious one. Lenders seem to want a mountain of documents and have so many

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, youre going to need that same hefty stack of paperwork for your official mortgage application once youve got a contract on a home, so youre really knocking out two tasks at once.

To help, weve created a documents checklist for each type of mortgage pre-approval. Warning: Some lists are longer than others:

Conventional Loan FHA Loan Buying an Investment Property If Youre Self-Employed VA Loan USDA Loan Job-Based Incentive Loan

Conventional Loan Documents

If youre employed and get regular paychecks, plus a W-2 every year, and youre 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)

  1. Drivers license

  2. Passport

  3. Other state- or federal-issued ID

• Income

  1. Pay stubs for the last 30 days

  2. Last two federal tax returns

  3. Last two W-2s

  4. Proof of any additional income (second jobs, social security, alimony, etc.)

• Accounts

  1. Last two statements on all bank accounts -- be sure to include all pages, even blank ones

  2. Statements for all investment and/or retirement accounts

• Property

  1. Settlement statement from previous home sale, if applicable

• Additional documents

  1. Contact information for your landlord(s) for the last two years, if applicable

  2. Divorce decree, separation agreement, and/or property settlement agreement, if applicable

  3. Gift letter if a family member is helping with down payment (lender will have form)

  4. A letter of explanation (LOE) for late payments, collections, judgments, or other derogatory items in your credit history, if applicable

FHA Loan Documents

If youre applying for mortgage pre-approval with the Federal Housing Administration, youll need these documents:

• Identification (one of these, which you will need to show in person)

  1. Drivers license

  2. Passport

  3. Other state- or federal-issued ID

• Income

  1. Pay stubs for the last 30 days, if applicable

  2. Last two federal tax returns

  3. Last two W-2s or 1099s, if applicable

  4. Proof of any additional income (second jobs, social security, alimony, etc.)

• Accounts

  1. Last two statements on all bank accounts -- be sure to include all pages, even blank ones

  2. Statements for all investment and/or retirement accounts

• Property

  1. Closing disclosure (or HUD-1 if the sale took place before Oct. 3, 2015) for previous purchase

• Additional documents

  1. Contact information for your landlord(s) for the last two years, if applicable

  2. Divorce decree, separation agreement, and/or property settlement agreement, if applicable

  3. Gift letter if a family member is helping with down payment (lender will have form)

  4. 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 youre 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)

  1. Drivers license

  2. Passport

  3. Other state- or federal-issued ID

• Income

  1. Pay stubs for the last 30 days, if applicable

  2. Last two federal tax returns

  3. Last two W-2s or 1099s, if applicable

  4. Proof of any additional income (second jobs, social security, alimony, etc.)

• Accounts

  1. Last two statements on all bank accounts -- be sure to include all pages, even blank ones

  2. Statements for all investment and/or retirement accounts

• Property

  1. Settlement statement on any recent home sales

  2. Recent mortgage statements on all properties you own

  3. Proof of insurance for all properties you own

  4. Current leases for all rental properties you own

• Additional documents

  1. Contact information for your landlord(s) for the last two years, if applicable

  2. Divorce decree, separation agreement, and/or property settlement agreement, if applicable

  3. Gift letter if a family member is helping with down payment (lender will have form)

  4. 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 youre 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)

  1. Drivers license

  2. Passport

  3. Other state- or federal-issued ID

• Income

  1. Pay stubs for the last 30 days, if applicable

  2. Last two federal tax returns

  3. Last two 1099s

  4. Proof of any additional income (second jobs, social security, alimony, etc.)

• Accounts

  1. Last two statements on all bank accounts -- be sure to include all pages, even blank ones

  2. Statements for all investment and/or retirement accounts

  3. Last two years Corporate, S-Corp, LLC, or partnership tax returns

  4. Last two years 1099s, if applicable

• Property

  1. Settlement statement from previous home sale, if applicable

• Additional documents

  1. Contact information for your landlord(s) for the last two years, if applicable

  2. Divorce decree, separation agreement, and/or property settlement agreement, if applicable

  3. Gift letter if a family member is helping with down payment (lender will have form)

  4. A letter of explanation (LOE) for late payments, collections, judgments, or other derogatory items in your credit history, if applicable

  5. Last two months profit-and-loss statements (you can put one together in about five minutes)

  6. Balance sheet, if applicable (rules vary by state)

  7. Current business license

VA Loan Documents

If youre seeking pre-approval for a Veterans Administration home loan, these are the documents you will need:

• Identification (one of these, which you will need to show in person)

  1. Drivers license

  2. Passport

  3. Other state- or federal-issued ID

• Income

  1. Pay stubs for the last 30 days, if applicable

  2. Last two federal tax returns

  3. Last two W-2s or 1099s, if applicable

  4. Proof of any additional income (second jobs, social security, alimony, etc.)

• Accounts

  1. Last two statements on all bank accounts -- be sure to include all pages, even blank ones

  2. Statements for all investment and/or retirement accounts

• Property

  1. Settlement statement from previous home sale, if applicable

• Additional documents

  1. Contact information for your landlord(s) for the last two years, if applicable

  2. Divorce decree, separation agreement, and/or property settlement agreement, if applicable

  3. A letter of explanation (LOE) for late payments, collections, judgments, or other derogatory items in your credit history, if applicable

  4. Certificate of eligibility (COE) from the Veterans 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 youre applying for a U.S. Department of Agriculture Loan, youll need these documents to seek pre-approval:

• Identification (one of these, which you will need to show in person)

  1. Drivers license

  2. Passport

  3. Other state- or federal-issued ID

• Income

  1. Pay stubs for the last 30 days, if applicable

  2. Last two federal tax returns

  3. Last two W-2s or 1099s, if applicable

  4. Proof of any additional income (second jobs, social security, alimony, etc.)

• Accounts

  1. Last two statements on all bank accounts -- be sure to include all pages, even blank ones

  2. Statements for all investment and/or retirement accounts

• Property

  1. Settlement statement from previous home sale, if applicable

• Additional documents

  1. Contact information for your landlord(s) for the last two years, if applicable

  2. Divorce decree, separation agreement, and/or property settlement agreement, if applicable

  3. Gift letter if a family member is helping with down payment (lender will have form)

  4. A letter of explanation (LOE) for late payments, collections, judgments, or other derogatory items in your credit history, if applicable

  5. Form 410-4: Uniform Residential Loan Application, filled out by applicant(s)

  6. Form 3550-4: Employment & Asset Certification, a separate form filled out and signed by each applicant

  7. Form 3550-1: Authorization to Release Information, a separate form filled out and signed by each applicant and each adult household member

  8. Form 4506-T: Request for Transcript of Tax Return, a separate form filled out by each applicant

  9. Documentation of child care expenses for dependents 12 or younger, if applicable

  10. Life insurance policy

  11. For any household member who is a full-time student 18 years of age or older, a current school transcript

  12. Annual medical expenses for applicants 62 years of age or older, or with a disability (to be considered for a deduction in household income)

  13. 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 youre 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)

  1. Drivers license

  2. Passport

  3. Other state- or federal-issued ID

• Income

  1. Pay stubs for the last 30 days, if applicable

  2. Last two federal tax returns

  3. Last two W-2s or 1099s, if applicable

  4. Proof of any additional income (second jobs, social security, alimony, etc.)

• Accounts

  1. Last two statements on all bank accounts -- be sure to include all pages, even blank ones

  2. Statements for all investment and/or retirement accounts

• Property

  1. Settlement statement from previous home sale, if applicable

• Additional documents

  1. Contact information for your landlord(s) for the last two years, if applicable

  2. Divorce decree, separation agreement, and/or property settlement agreement, if applicable

  3. Gift letter if a family member is helping with down payment (lender will have form)

  4. A letter of explanation (LOE) for late payments, collections, judgments, or other derogatory items in your credit history, if applicable