What every borrower needs (regardless of employment)
- Government-issued photo ID for all borrowers (driver's license, passport).
- Social Security card or SSN documentation.
- Last 60 days of bank statements for all accounts you'll use for down payment, closing costs, or reserves. All pages, not just summary.
- Last 60 days of investment / retirement account statements.
- Source of any large recent deposits over ~$1,000 that aren't recurring payroll. The underwriter will ask about each — be ready to explain (gift, sale of asset, transfer from another account).
- Two years of residence history with addresses and dates.
- Two years of employment history (regardless of employer or income type).
- Purchase contract and addenda once you're under contract.
- Earnest money receipt / cancelled check / wire confirmation.
- Insurance binder / declaration page showing coverage in force as of closing.
W-2 employee checklist
- Last 2 years W-2s from all employers.
- Last 2 years federal tax returns (full, all schedules).
- Last 30 days of paystubs showing year-to-date earnings.
- Verification of employment — the lender contacts your employer directly to confirm you're still employed and your current income.
- Bonus / commission documentation if those are part of your income — typically the previous 2 years to establish a stable history.
Self-employed checklist
- Last 2 years personal federal tax returns (full, all schedules including Schedule C, K-1s, etc.).
- Last 2 years business tax returns (1065 for partnerships, 1120 for C-corps, 1120-S for S-corps).
- Year-to-date Profit & Loss statement for the business — typically signed by you or your CPA.
- Year-to-date Balance Sheet for the business.
- Business license / certification showing you're authorized to operate.
- CPA letter confirming self-employment status, percent ownership, and that you'll continue.
- Last 3 months of business bank statements in addition to personal.
- K-1s if you receive distributions from a partnership or S-corp.
1099 / contract income checklist
- Last 2 years 1099s from all clients/sources.
- Last 2 years personal tax returns showing the 1099 income on Schedule C.
- Year-to-date earnings statement from your largest clients.
- Bank statements showing deposits matching the 1099 income.
- Documentation of expenses typically deducted (auto, home office, supplies).
Retired / fixed income checklist
- Social Security award letter showing current monthly benefit.
- Pension statements showing current monthly benefit.
- Retirement account statements (last 60 days) — needed for both reserves and possibly asset-depletion qualification.
- Annuity income documentation if applicable.
- Last 2 years 1099-R, SSA-1099 forms.
- Last 2 years tax returns showing income sources.
- Documentation of expected continued income — if pensions or other sources will continue at least 3 years.
Investor / DSCR checklist
- Schedule of Real Estate Owned (REO) — list of all properties you currently own with mortgages, balances, payments, market values.
- Mortgage statements for each existing property showing current balance, monthly payment, and lender.
- Lease agreements or estimated rent for each property.
- Insurance and property tax statements for each property.
- For DSCR loans on the new property: appraisal Form 1007 (rent comparables) or current lease — the rental income that drives the DSCR calculation.
- If LLC-titled: articles of incorporation, EIN letter, operating agreement, certificate of good standing.
- Personal credit and asset documentation — even DSCR loans pull credit and ask about reserves, just don't require income docs.
Special situations
Gift funds
- Gift letter signed by donor stating amount, relationship, no expectation of repayment.
- Donor's bank statement showing the funds existed in their account before transfer.
- Wire receipt or check copy showing the transfer to you or to the closing agent.
Recent large deposits
- Source documentation — sale of vehicle, transfer from another account, gift, tax refund, etc.
- Bank statement showing where funds came from if from another of your accounts.
Divorce or child support
- Divorce decree or settlement agreement.
- Child support history — last 12 months of receipts/payments to count toward income.
Recent job change
- Offer letter or employment contract showing new role start date and compensation.
- First paystub from new role once available.
- Verification of employment from new employer.
The organization tip that saves weeks. Make a single Google Drive or Dropbox folder for the loan, organized by document type (Income, Assets, Property, Identity, etc.). Add documents as you collect them. When the underwriter asks for something, point them to (or download from) the same place. Way faster than scrambling email-to-email.
FAQ
Why does the underwriter keep asking for more documents?
Underwriting is iterative. Each document creates new questions. A bank statement showing a $5,000 deposit triggers a question about the source. A tax return showing a small business triggers a question about that business's continuation. We minimize this by submitting a clean, complete package upfront — but some back-and-forth is normal.
How recent does my paystub need to be?
Within 30 days of submission, generally. By close of escrow, the lender often asks for an even more recent paystub or verbal verification of employment. If you take time off, that can be flagged.
What if I can't find a document?
Most documents can be re-pulled — bank statements from the bank's website, tax returns from the IRS (transcript), W-2s from former employers or the IRS. Tell us early if something's missing; we can usually find a workaround.
Is everything submitted electronically?
Almost everything, yes — secure portal upload. Some documents (gift letters, certain certifications) require physical signatures sent via secure portal or e-sign service. Closing day involves physical signatures at title company, but pre-closing is electronic.
Can I refuse to share something?
You can — but the loan won't close. Underwriters need what they need. If something feels excessive, ask why — usually there's a specific guideline driving it. Sometimes there's an alternative document that satisfies the same requirement.