Conventional Loan Checklist

Government-issued photo ID Social Security Number (all borrowers) 2-year address history Landlord name and contact (if renting)

Pay stubs — last 30 days (all jobs) W-2 forms — last 2 years Federal tax returns — last 2 years (all schedules) If self-employed: 2 years business returns + current P&L Award letters for any recurring non-employment income Rental income: current leases + 2 years Schedule E

Bank statements — last 3 months, all pages Investment / brokerage account statements Retirement account statements Gift letter (must confirm funds are a gift, not a loan) Explanation letters for any large deposits Bridge loan or HELOC documents (if using equity from current home)

Minimum 620 credit score (680+ for best rates) Fannie Mae / Freddie Mac require DTI ≤ 45% (up to 50% with compensating factors) Explanation for any credit inquiries in last 90 days Bankruptcy: 4-year wait after Chapter 7; 2-year after Chapter 13 discharge Foreclosure: 7-year waiting period

Signed purchase contract Conventional appraisal (lender orders) Home inspection report HOA documents and dues (if applicable) Condo warrantability questionnaire (if purchasing condo) Property can be primary residence, second home, or investment property

20%+ down → no PMI required < 20% down → PMI required (cancels at 80% LTV) Conforming loan limit 2024: $766,550 (higher in designated high-cost areas) Above limit: jumbo loan with stricter guidelines Second home: usually 10% down minimum Investment property: usually 15–25% down