Real Estate Application Checklist Paycheck stubs for the most recent thirty days on each borrower. All W-2s for the last two years on each borrower. If self-employed: Copy of complete (all schedules) tax returns for the past two years, current year-to-date profit and loss statement, and balance sheet. (Two years corporate returns if ownership is 25% or more.) Three months most recent bank statements on each account used for closing/reserves. (Copy of sale of existing home, if applicable.) Twelve months cancelled mortgage/rent checks (front & back). If renting, name and address of landlords for the past two years. If applicable, complete bankruptcy papers with discharge, full copy of divorce decree and property settlement. Letter of explanation written by applicants explaining the following issues: Purpose of funds to be received from cash-out refinance. If applicable, circumstances of prior bankruptcy or any other derogatory credit issues. Executed real estate sales contract, if applicable. $300 deposit for appraisal of real estate.