A little preparation makes things easier.
I focus on the details up front so we can identify missing information early. Use this as a starting checklist, then follow the specific document list for your loan. Requirements depend on the program, income, property and lender.
Tap items as you prepare them. Your checkmarks are not saved or sent to Lance.
Accuracy is faster than guessing.
Include an HR, payroll or other contact who can verify your employment, if available. The lender will do its own employment check.
For employment gaps of 30 days or more, I ask for a short letter explaining when the gap happened and why. This is my preparation process; your loan program may have different requirements.
You do not need to supply this entire packet to receive a Loan Estimate. Start the conversation even if you are still gathering documents.
Open the sections that fit you.
W-2 wages, salary or variable payFor paychecks, overtime, bonuses, commission or changing hours.
Income on a paystub is not automatically the amount a lender can use to qualify. History, stability and program rules matter.
Self-employment or business ownershipFor income from a business you own or self-employed work.
For this preparation checklist, request the Record of Account transcript for each matching year through the IRS tax records page. This transcript combines return and account information. The lender may still require its own transcript authorization or verification.
A conventional one-year-return option can exist under specific rules. Five years in business alone is not enough: Fannie Mae also requires at least 25% ownership for five consecutive years, supporting records and a separate analysis for each business. Do not omit the second year until we confirm eligibility.
Tell me which funds belong to the business and which are personal. If you plan to use business money, the lender may need to check how that affects the business.
RSUs or restricted-stock incomeFor stock awards that are part of your compensation.
We’ll check how much of your stock pay counts toward your loan and how much is available for the down payment. Unvested stock isn’t cash you can use at closing.
Fannie Mae and Freddie Mac rules differ. We will confirm the required history, documentation, calculation and expected continuation for the selected program rather than applying one blanket “two-year rule.”
More about how RSU income is reviewed
Fannie Mae: time-based awards need at least 12 months of receipt from the current employer. Performance-based awards generally need two years, with possible shorter-history exceptions. Restricted-stock sign-on bonuses are excluded under this rule.
Freddie Mac: time-based awards generally require one year of distributions from the current employer; performance-based awards generally need two years, with a possible exception. Its documentation and continuation tests differ from Fannie Mae’s.
Separate recurring, one-time, sign-on and performance awards when sending records. The lender will confirm history, likely continuation, stock-price averaging and the monthly income it can use. A grant’s headline value is not the qualifying monthly amount.
Rental income or other propertiesFor rental income or homes and other properties you already own.
A lease alone does not guarantee that rent can be used for qualification. Documentation and the amount recognized depend on the situation and current loan rules.
Assets, transfers and money to close.
Keep the paper trail clear. Ask me before moving funds if you’re unsure, and keep updated statements available.
Help us keep your closing moving.
For a fast close, send the updates I request within 24 hours after your offer is accepted, when possible.
That can include current paystubs, statements, the contract and relevant amendments. This helps me keep things moving. It is not a guarantee of closing time.
Get a homeowner’s insurance quote early and share it securely. The quote helps us get a better estimate of your payment and cash to close. Tell me promptly about job changes, new credit, significant transfers or property issues.
I’ll tell you which documents need updating as we get closer to closing.
Ready to send documents?
Open Client Quick Connect and choose its Secure Upload option. Use the secure application or upload channel for identification, tax returns, statements and other sensitive records. Please do not send those documents by ordinary text or email.
Open Client Quick ConnectNeed help with the list? Text Lance your question, without account numbers or attachments containing private financial information.
Educational guidance and Lance’s preparation process. Your lender’s tailored requirements control; this is not approval or a commitment to lend.
Sources and program details
- IRS: transcript types and how to order
- CFPB: prepare a loan application packet
- CFPB: applying and receiving a Loan Estimate
- Fannie Mae: application instructions
- Fannie Mae: income documentation
- Fannie Mae: self-employment
- Fannie Mae: tax transcripts
- Fannie Mae: retirement accounts
- Fannie Mae: rental income
- Fannie Mae: restricted-stock income
- Freddie Mac: documentation matrix
- Fannie Mae: document age