Conventional, jumbo, FHA, VA, USDA, interest-only, DSCR investment property, asset depletion, or reverse mortgage — pick your path below for the real list: what each document is, why it's needed, and the details most checklists skip.
Covers conventional and jumbo purchases. Lenders verify four things regardless of loan size: who you are, what you earn, what you own, and what you owe. Jumbo purchases follow the same core list with a few additions noted below.
They might, on a conventional loan specifically — but they don't have to. See the programs built specifically for this, including bank statement, P&L, and asset-based options that don't rely on your tax returns at all.
The core list above still applies. Jumbo lenders commonly require higher reserves (sometimes 6-12 months of payments in verified liquid assets) and, at higher loan sizes, may order a second independent appraisal since fewer comparable high-value sales exist to anchor a single appraisal's confidence. Exact thresholds are lender-specific — confirm with us directly rather than assume a flat number.
Gift funds for a down payment need a gift letter: donor name, relationship to you (generally a family member for conventional loans, not a friend), dollar amount, a statement it's a gift with no repayment expected, both signatures. One detail that trips people up: the letter's date should roughly match when the money actually moved — a letter dated today for funds that moved two months ago raises a flag.
Large deposits get scrutinized too — commonly, a single deposit over roughly half your gross monthly income that isn't clearly payroll may need a paper trail. This varies by loan program and lender; ask us directly if you're unsure about a specific deposit.
Covers conventional, jumbo, and cash-out refinancing. Same core verification as a purchase, minus the purchase-specific paperwork, plus a few documents specific to the loan you already have.
Photo ID, pay stubs, W-2s, tax returns if applicable, bank statements (all pages), credit authorization.
Refinance borrowers are sometimes surprised assets are still requested. They confirm closing costs, prepaid taxes/insurance, cash-to-close, and reserves — and for jumbo refinances specifically, reserve requirements are often higher. The same large-deposit and gift-letter rules from the purchase track apply here too.
FHA purchase and refinance. Same core income/asset/credit documentation as conventional, with FHA-specific mortgage insurance and property-condition requirements layered on top.
Photo ID, pay stubs, W-2s, tax returns if applicable, bank statements (all pages), credit authorization.
FHA appraisals check for minimum property standards — safe, sound, and sanitary condition — not just value. A property with significant deferred maintenance can require repairs before closing that a conventional appraisal wouldn't flag the same way.
VA purchase and refinance, for veterans, active duty, Guard/Reserve, and eligible surviving spouses. The core income/asset/credit list is similar to conventional — the real difference is proving your service eligibility.
Veterans with full entitlement are generally no longer subject to county loan limits, following the Blue Water Navy Vietnam Veterans Act. And a COE proving service eligibility doesn't guarantee mortgage approval — you still need to meet the lender's credit, income, and debt-to-income requirements.
USDA Guaranteed purchase loans for eligible rural and many suburban areas — zero down payment, but genuinely means-tested on household income.
USDA charges a guarantee fee instead of traditional mortgage insurance — commonly a smaller upfront fee plus an ongoing annual fee. There's no official minimum credit score set by USDA itself, though most lenders look for a score that clears automated underwriting; lower scores may still qualify through a manual process with more documentation required.
Interest-only purchase and refinance. The document list matches whichever base transaction you're doing (purchase or refinance, conventional or jumbo) — the real thing to understand isn't a document, it's a structural fact.
Quick context: "non-QM" just means a loan that doesn't fit the government's standard "Qualified Mortgage" rulebook — it's not a red flag or a subprime loan, just a different, still completely legitimate category with its own underwriting rules. Under CFPB Regulation Z, a loan with an interest-only feature cannot qualify as a General Qualified Mortgage — this is a structural exclusion, not a lender preference. That means every interest-only loan is underwritten as non-QM, regardless of your credit or income strength.
What this means for your documentation: underwriting qualifies you on the fully-amortizing payment that applies after the interest-only period ends — not the reduced payment you'd pay during the IO period itself. Be ready to show your file supports that higher number, not just the lower one you'll actually pay at first.
Follows the Purchase or Refinance track above, based on which you're doing — no separate document list beyond that.
DSCR (Debt Service Coverage Ratio) loans for investment properties. The property's rental income qualifies the loan — not your personal income. Genuinely less documentation than any other program on this page. One term you'll see throughout: PITIA — the property's full monthly payment (principal, interest, taxes, insurance, and association dues combined). DSCR compares that number against the rent.
No W-2s. No personal tax returns. No pay stubs. No personal debt-to-income calculation. The property's own numbers do the qualifying.
If a lease says one rent amount and the appraiser's market-rent analysis says another, most programs qualify off whichever figure is lower — a conservative check against an inflated lease. Underwrite your own expectations that way from the start, rather than assuming the higher number will be used.
Through our lender panel, one of our non-QM lending partners' DSCR program supports loan amounts up to $4.5 million, with ratio tiers offering flexibility depending on the property and borrower profile, and — notably — gift funds are permitted for up to 100% of the down payment on this program. Confirm current terms directly with us, as non-QM program guidelines can and do change.
Rent from a permitted accessory dwelling unit (ADU) can count toward a property's DSCR on many non-QM programs — some lenders count income from up to three ADUs on one property. The unit must be permitted; unpermitted square footage contributes nothing to qualifying income regardless of what it actually rents for.
Asset depletion (asset utilization) loans convert your liquid and retirement assets into a qualifying monthly income figure — built for retirees, early-retirees, and high-net-worth borrowers whose real financial picture isn't reflected on a tax return.
Asset depletion income is calculated by dividing eligible assets across a term (commonly cited in the 240-360 month range across various lenders), but the exact divisor, eligible-asset list, and required post-closing reserves vary meaningfully by lender, program, your age, and the specific asset type. Through one of our non-QM lending partners' current program specifically, asset depletion is available up to $5 million using a 120-month depletion rate — a different divisor than some other programs use, which is exactly why a single universal formula shouldn't be assumed. Confirm your specific numbers directly with us.
Reverse mortgages — HECM (FHA-insured) and proprietary/jumbo reverse. A calm, no-pressure look at the paperwork. Reverse mortgages involve a full financial assessment, not just a home equity calculation.
This is the part most borrowers don't expect — reverse mortgages aren't approved on equity alone.
HECM (FHA-insured) always requires the HUD counseling certificate and follows a national maximum claim amount. Proprietary/jumbo reverse programs aren't FHA-insured, may allow a younger minimum age, and can go well beyond HECM's limit for higher-value homes — but exact documentation and terms are lender-specific. We'll tell you plainly which path fits your home's value and your situation before you commit to either.
Every file is a little different, and some borrowers span more than one of these tracks. Send me your situation and I'll tell you exactly what you'll need.
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