"What do you need from me?" It's usually the first question a buyer asks us, and it's a great one. Walking into your first conversation with a loan officer with the right paperwork already in a folder makes everything faster: a clearer answer on what you can afford, fewer back-and-forth emails, and a pre-qualification you can actually lean on when you start shopping. After more than 20 years of helping Long Island buyers, we've boiled it down to the checklist below. Tick items off as you go. Your progress saves on this device, and you can print it when you're done.
Why Gather Documents Before You Talk to a Lender?
A pre-qualification is only as good as the information behind it. If we can see your real pay stubs and statements up front, the number we give you is one you can trust, and there are fewer surprises once you're under contract. It also means less scrambling later. Almost everything on this list gets asked for again during the full application, so gathering it now is time well spent.
Not sure what pre-qualification actually gets you, or how it compares with what comes after it? Our guide to pre-qualified vs. the next step walks through it, and our paperwork page covers the full application. You don't need every single item to start a conversation, either. If something's missing, call us anyway, and we'll tell you what matters most for your situation.
The Checklist
Tap an item to check it off. Skip anything that doesn't apply to you. Most people only need a few of the self-employed, retirement and special-situation items.
1. Identity
0 / 32. Income
0 / 123. Assets
0 / 44. Special Situations (if they apply)
0 / 45. Long Island Extras
0 / 3This checklist is a general guide for getting pre-qualified. Every lender and loan program has its own documentation requirements, and your loan officer may ask for more or less depending on your situation. Checking items off here doesn't submit anything to us; your progress is only saved in this browser.
A Few Details That Trip People Up
- Send every page of your bank statements. For a purchase, Fannie Mae's guidelines call for statements covering the most recent full two months of activity. Lenders want the complete statement, so include the "this page intentionally left blank" pages too.
- Large deposits need a paper trail. Fannie Mae defines a large deposit as any single deposit over half of your total monthly qualifying income, and the lender has to look into it. A quick note plus a document showing where the money came from usually takes care of it.
- Gift money needs a gift letter. If family is helping with the down payment, the gift has to be documented with a letter signed by the person giving it, plus proof of the transfer. Our gift funds guide walks through it step by step.
- Self-employed? You have options. The traditional route is two years of signed tax returns with all schedules (in some cases, one year can work for a long-established business). But if your tax returns don't show what you really earn, we have self-employed programs that don't require tax returns at all. Depending on the program, you may qualify based on 12 or 24 months of bank statements, a profit and loss statement, or your 1099s instead. Learn more about bank statement loans, 1099 loans and asset depletion loans, or our post on self-employed and bank statement loans.
- A parent co-borrowing? They'll need their own ID, income and asset paperwork. Our guide to non-occupant co-borrowers explains how it works.
- Veterans: your VA loan starts with a Certificate of Eligibility, which confirms to the lender that you qualify for the benefit. Most of the time we can request it for you.
Long Island Extras Worth Getting Ahead Of
A few things come up here more than they do in most of the country.
- Co-op board packages. Co-op boards set their own requirements, separate from the lender, and the package can be long. Starting early saves a lot of stress. Our condo vs. co-op guide explains how the process works.
- Property taxes. Taxes are a big piece of a Long Island housing payment, so we'll want the real tax bill on the house you're buying, or your latest bill if you're refinancing. If your assessment looks high after you buy, see our guide to grieving your property taxes.
- Flood zones. If the home is in a high-risk flood zone, the lender will require flood insurance, and it affects your monthly budget. Our flood zone guide covers what to check before you make an offer.
Got most of your checklist done? Let's turn it into a real number.
Don't Do These Until After Closing
Once you've been pre-qualified and especially once you're under contract, your file is a snapshot. Lenders typically re-check your credit and employment before closing, so changes along the way can cause delays or, in the worst case, change the answer.
No new car loan, store card or furniture financing. A new payment raises your debt-to-income ratio, and a new inquiry can nudge your score.
Cash deposits or transfers you can't document create questions. If money is coming in, keep the paper trail.
A new job isn't automatically a problem, but switching to commission or self-employment can change how your income is counted.
Closing an account can shrink your available credit and shorten your history, which can lower your score.
Co-signing puts their debt on your credit report and usually into your debt-to-income ratio.
Shuffling funds between accounts makes your statements harder to follow. Keep things steady until closing.
Want to understand why some of these matter so much? Our posts on the new credit scores and the debt-to-income ratio explain the two numbers lenders look at most. And if you're buying for the first time, our Long Island first-time homebuyer guide is a great next stop.
What documents do I need to get pre-qualified for a mortgage?+
Usually photo ID, recent pay stubs and two years of W-2s (or two years of tax returns if you're self-employed), and your two most recent bank statements. Retirees typically add Social Security or pension award letters. Your loan officer will tell you if your situation needs anything else.
How many months of bank statements do lenders want?+
For a purchase, Fannie Mae's guidelines call for statements covering the most recent full two months of account activity, and one month for a refinance. Send every page of each statement, even the blank ones.
What counts as a large deposit?+
Under Fannie Mae's guidelines, a large deposit is any single deposit that's more than half of your total monthly qualifying income. The lender will ask where it came from, so keep the paperwork that shows the source.
Do I need two years of tax returns if I'm self-employed?+
For a traditional loan, usually yes: two years of signed personal returns, and business returns if you file them, with all schedules. Fannie Mae allows one year in some cases, such as a business that has been around for at least five years. If your tax returns don't tell the whole story, we also have self-employed programs that don't require tax returns, where you may qualify based on 12 or 24 months of bank statements, a profit and loss statement, or 1099s instead.
Will talking to several lenders hurt my credit?+
According to the Consumer Financial Protection Bureau, multiple credit checks from mortgage lenders within a 45-day window are recorded as a single inquiry, so shopping around has the same impact as one check. Applying for other kinds of credit, like a car loan or credit card, does count separately.
Documentation requirements are based on published Fannie Mae guidelines and Consumer Financial Protection Bureau guidance as of October 2026 and are simplified for education. Individual lenders and loan programs may require additional documents. Pre-qualification is not a loan approval or a commitment to lend; all loans are subject to credit approval, underwriting and property eligibility. Coltrain Mortgage is a mortgage broker; all loans are arranged through third-party lenders. Equal Housing Opportunity.
- Fannie Mae Selling Guide, B3-4.2-01, Verification of Deposits and Assets
- Fannie Mae Selling Guide, B3-4.2-02, Depository Accounts (large deposits)
- Fannie Mae Selling Guide, B3-4.3-04, Personal Gifts
- Fannie Mae Selling Guide, B3-3.2-01, Underwriting Factors and Documentation for a Self-Employed Borrower
- Consumer Financial Protection Bureau, What happens when a mortgage lender checks my credit?
- Consumer Financial Protection Bureau, Buying a House: tools and resources for homebuyers
- U.S. Department of Veterans Affairs, How to request a VA home loan Certificate of Eligibility
