Underwriting is the process lenders use to confirm you can repay the loan and that the property is a sound investment. The cleaner your documentation, the smoother and faster the review goes. Use this checklist to gather everything upfront.
Income documentation
- Last 30 days of pay stubs
- Last two years of W-2s
- Last two years of federal tax returns, all pages and schedules
- Year-to-date profit and loss statement, if self-employed
- 1099s and bank statements, if applicable
Asset documentation
- Most recent two months of bank statements for all accounts used in the transaction
- Investment and retirement account statements
- Documentation for any large or unusual deposits
- Source of your down payment and closing costs
- Gift letter and donor bank statements, if receiving a gift
Employment and identity
- Government-issued photo ID
- Social Security card or other proof of Social Security number
- Contact information for your HR department
- Written verification of employment, if requested
Property documentation
- Purchase contract, signed by all parties
- Seller disclosures
- Home inspection report
- Appraisal ordered by the lender
- Homeowners insurance quote or binder
- HOA documents, if applicable
Credit and debt
- Explanations for any late payments, collections, or judgments
- Documentation for current rental payments
- Divorce decree or child support order, if applicable
- Bankruptcy or foreclosure discharge paperwork, if applicable
Self-employed borrowers
If you own a business or receive 1099 income, underwriters look closer. Be ready with two years of business tax returns, a current profit and loss statement, and sometimes business bank statements. The goal is to prove stable, ongoing income.
Why underwriters ask for so much
Every document serves one of three purposes: confirming your income, verifying your assets, or assessing risk. Lenders sell most loans to investors, and those investors require proof that each loan meets strict standards. The more organized you are, the faster underwriting moves.
Need help gathering your paperwork? Talk to a Hive specialist and we’ll send you a personalized checklist for your exact situation.