Wichita Kansas Homes for Sale

Home Financing

How Much House Can You Afford?
Things You Need When You Apply for a Home Loan

Things You Need When You
Apply for a Home Loan

Income Items

  • W2 forms for the last two years
  • Most recent pay stubs covering a 30 day period
  • Federal tax returns (1040’s) for the last two years, if:
    - you are self-employed
    - earn regular income from capital gains
    - earn sizable interest income, etc.
    earn more than 25% of your income from commissions or bonuses
    - own rental property
    - are in a career where you are likely to take non-reimbursed
       business expenses).
  • Year-to-Date Profit and Loss Statement (for self employed)
  • Corporate or Partnership tax returns (if you own more than 25% of the business)
  • Pension Award letter (for retired individuals)
  • Social Security Award letters (for those on Social Security)

Asset Items

  • Bank statements for previous two months (sometimes three) on all accounts. All pages, even if you don't think them important.
  • Statements for two months on all stocks, mutual funds, bonds, etcetera
  • Copy of latest 401K statement (or other retirement assets because they can count as reserves)
  • Explanations for any large deposits and source of those funds
  • Copy of HUD1 Settlement Statement on recent sales of homes
  • Copy of Estimated HUD1 Settlement Statement if a previous home is for sale, but not yet closed
  • Gift letter (if some of the funds come as a gift from a family member - the lender will supply a blank form)
  • Gifts can also require:
  • Verification of donor’s ability to make the gift (bank statement)
  • Copy of the check used to make the gift
  • Copy of the deposit receipt showing the funds deposited into bank account or escrow
  • Note: many get their statements of various kinds over the internet and these are not always acceptable to lenders, especially when the printed version does not contain the borrower's name, account number, and the name of the institution

Credit Items

  • Landlord’s name, address, and phone number (if you rent - for verification of rental)
  • Explanations for any of the following items which may appear on your credit report:
  • Late payments
  • Credit inquiries in the last 90 days
  • Charge-offs
  • Collections
  • Judgments
  • Liens
  • Copy of bankruptcy papers if you have filed bankruptcy within the last seven years


  • Copy of purchase agreement (if you have already made an offer)
  • To document receipt of child support (if you desire to show it as income)
  • Copy of Divorce Settlement (to show the amount)
  • Copies of twelve months canceled checks to document actual receipt of funds

copyright 2000 by Terry Light and RealEstate ABC

art busch

Art Busch

e-mail me

12221 E. Central
Wichita, KS 67206


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