First things first. When applying for a loan, it's a good idea to get prepared. You will need the following information to submit to your Loan Officer:

• Last year's W-2 form.
• Signed and dated Federal Tax Returns (1040's) from the last year, including all schedules.
  Most recent pay stubs for each borrower.
• A copy of your most recent mortgage statement (if available).
• A copy of the Purchase Contract (if applicable).

Self-employed individuals will also need the following information:

• Last year's signed and dated tax return, including all schedules, a year-to-date Profit and Loss (P&L) Statement that is less than 60 days old, and a current signed Balance Sheet.
• If you're part of a corporation or partnership, provide last year's tax return for corporation/partnership including form K-1, a year-to-date Profit and Loss (P&L) Statement (less than sixty days old), and a current signed Balance Sheet.

Below is a list that may or may not apply to your situation. Please review these items and prepare any additional information as necessary.

• If your down payment includes a cash gift from a friend or relative, you need a copy of the check or wire transfer showing the donor's name and account number, plus a copy of the deposit into your bank account. (This applies only to home purchase loans.)
• If you receive a Social Security pension or annuity, provide a copy of the awards letter and a copy of a recent benefit check.
• If you own other real estate, provide a lease/rental agreement if applicable, and copies of property tax and insurance bills.
• If you receive alimony or child support, provide a copy of the divorce decree and evidence of receipt of income for 12 months (i.e. canceled checks, deposit slips or bank statements).
• If you pay alimony or child support, provide a copy of your divorce decree.
• If you've had a bankruptcy within the last seven years, provide a copy of your bankruptcy discharge, a copy of the petition (including schedules A & B) and an explanation of the circumstances.
• If you currently pay rent, provide copies of rental payments for the last twelve months (may include canceled checks, bank statements, money orders, etc.) and the name and address of your landlord for the same time period.

It's that easy! Being prepared will save time and energy in the long run.