Standard Conditions for Loan Approval

homestandard conditions for loan approval

Income verification:

  • Two most recent pay stubs
  • W-2 forms for the last two years
  • Verification of Employment
  • Awards letter for disability, retirement, or child support for income
  • When income is derived from rental property, commission, interest or other sources of income besides salary, tax returns may be required
  • Child support/alimony — friend of the court printout or 12 months’ of cancelled checks (if applicable)

Sources of funds/down payment:

  • Down payment and source
  • Bank statements for the last three months, including savings, checking and investment accounts
  • HUD settlement statement if using funds from the sale of property
  • Sale of asset — proof of ownership, proof of sale and proof of funds transfer
  • For gift funds — a gift letter, evidence of transfer and sometimes evidence of withdrawal

Payment history:

  • Cancelled rent or mortgage payment checks for past 12 months, if not available on credit report
  • Copy of land contract, if applicable
  • Child support/alimony
  • Bankruptcy/Consumer Credit counseling proof, if received

Additional information, if applicable:

  • Building permit if required by your county/parish
  • Title to trade-in and Bill of Sale
  • Tax receipt on land (if owned)
  • Copy of land deed where home will be placed (see salesperson for more details)
  • Purchase agreement, including legal property descriptions and any addendum
  • Divorce decree


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