203k Loan Application Checklist

Below, we’ve provided a comprehensive checklist detailing the documentation you’ll need to begin the 203k loan application process. However, exact requirements can vary from lender to lender, so it’s important to check with yours to make sure you’re not missing anything.

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  • Income statements for at least two years. This should include 1099s and W-2s as applicable.

  • Tax returns for the previous three years.

  • Profit and loss statement for business owners/self-employed professionals.

  • Identification, such as a Social Security card and state-issued driver license.

  • Financial information detailing financial assets such as stocks, bonds, and the like.

  • Credit card information showing current balances (paid off, preferably), as well as an explanation for any cards on which you are listed as an authorized user.

  • Purchase contract to identify that you are applying for 203(k) financing.

  • Rehabilitation (self-help) agreement if you are a licensed contractor and intend to do the work yourself.

  • Homeowner/contractor agreement that includes information about the work to be done, materials needed, and more. Note that this can be supplied at any point before underwriting, and is commonly not submitted until you have found a home and vetted contractors.

  • Feasibility study from a 203(k) consultant showing that the work necessary can be completed for the amount requested in the loan.

  • Note/deed for the current property if you own another home.

  • Landlord’s contact information if you are currently renting.

  • Homeowner’s insurance if you have another home.

  • Property tax bill if you have another home.

  • 203(k) borrower’s acknowledgment (HUD 92700-A).

  • Consultant certification and identity of interest form.

  • Borrower’s certification and identity of interest form.

  • Work write up detailing the scope of the work necessary.

  • Cost estimate from the consultant.

  • A draw schedule for work completion and pay release to contractors for the lender’s approval.

  • Consultant/borrower agreement that explains what services the consultant is providing.

  • Bids from contractors vetted by the consultant for the lender’s approval.

  • Architectural exhibits from the consultant’s work write-up must be reviewed.