FHA vs VA vs Conventional mortgage document checklist

Most mortgage document checklists are 90% the same regardless of loan type. The base file is the base file: ID, income, assets, housing history, property documents. The differences show up at the margins, and if you know what to ask for by program, you can request the add-ons upfront instead of chasing them as underwriting conditions.

The shared core

These items apply to FHA, VA, and conventional loans. Request them on every file, regardless of program:

Identity

• Government-issued photo ID (driver's license or passport)

Income

• Most recent paystubs (last 30 days, all pages)
• W-2s for the last 2 years
• Federal tax returns if the borrower is self-employed, has rental income, or receives variable pay

Assets

• Bank statements, last 2 months (all pages including blanks)

Housing history

• Current mortgage statement or lease agreement

Property (once under contract)

• Fully executed purchase contract (all pages and addenda)
• Homeowners insurance declaration page

Once you have those, the program-specific items are a second wave.

FHA add-ons

FHA loans are the most documentation-intensive of the three for borrowers who use gift funds or have prior credit events.

Gift funds. FHA allows down payment gifts from family members, employers, labor unions, and certain non-profit organizations. The documentation requirement is specific: a signed gift letter (confirming the funds are not a loan), the donor's bank statement showing the funds existed before the transfer, and a record of the transfer itself (wire confirmation or canceled check). If you request only the gift letter, expect a condition for the other two.

Prior bankruptcy or foreclosure. FHA has waiting periods after bankruptcy (2 years for Chapter 7) and foreclosure (3 years). If the borrower's credit shows either, request a written explanation and any documentation showing the waiting period has passed.

Property condition. FHA appraisals include a property condition review. If the appraiser flags a required repair, the lender will hold the file until the repair is documented as complete. You can't always anticipate this at intake, but knowing it exists prevents a last-minute scramble.

Mortgage insurance. FHA loans carry MIP (mortgage insurance premium) for the life of the loan in most cases. The borrower doesn't provide documentation for this, but it affects their qualifying payment and they should see it on the loan estimate. Worth flagging early to avoid surprises.

VA add-ons

VA loans have a distinct set of eligibility documents that don't exist on any other program.

Certificate of Eligibility (COE). This is the single most important VA-specific document. It proves the borrower is eligible for a VA loan. Most lenders can pull this through the VA portal (ACE) without requiring the borrower to do anything. When it can't be pulled automatically, the borrower needs a DD-214 (Certificate of Release or Discharge from Active Duty) to support the request.

Statement of service. Active duty borrowers who don't have a DD-214 (because they're still serving) need a statement of service signed by a commanding officer or HR equivalent. The statement should include name, Social Security number, date of enlistment, branch, and current duty status.

VA funding fee. VA loans carry a funding fee paid at closing. Borrowers with a service-connected disability rating may be exempt. If there's any question about exemption status, request the VA disability award letter.

VA appraisal. VA appraisals are ordered through the VA system (not the lender directly) and must be completed by a VA-approved appraiser. The appraisal checks Minimum Property Requirements (MPRs). If the property fails MPRs, repairs are required before the loan can close. You can't request borrower documentation for this, but you should flag the MPR requirement when setting expectations.

Conventional add-ons

Conventional loans (Fannie Mae and Freddie Mac guidelines) tend to have fewer program-specific add-ons than FHA or VA, but they have tighter overlays for certain borrower profiles.

Self-employed income. For borrowers who own 25% or more of a business, both personal and business tax returns are required for the last 2 years. If the business is an S-corp or partnership, K-1s are required as well. This isn't a conventional-only rule, but Fannie/Freddie have specific income calculation worksheets (Form 1084 or similar) that determine what income counts.

Rental income. If the borrower owns other properties and reports rental income on Schedule E of their tax returns, underwriting will need the lease agreements for those properties and the full tax returns (including Schedule E). Rental income is allowed to offset the property's PITIA, but only if it's documented.

Large deposit sourcing. Fannie Mae guidelines flag deposits that are 50% or more of the monthly qualifying income as "large deposits" requiring explanation. This threshold applies to both conventional and FHA files, but the Fannie Mae guidelines are explicit about it. Preempt this by asking the borrower upfront whether any large deposits appear in their bank statements.

How to request the add-ons

The most efficient approach is a two-wave request. Send the shared core upfront, then follow with the program-specific add-ons once you have a loan scenario locked down.

When you request the program-specific items, be exact about what you need. "Gift letter" by itself will get you a letter and no donor documentation. "Gift letter plus the donor's bank statement showing the balance before the transfer" gets you both in one round. A reusable checklist template that includes both items by default prevents this gap.

For VA files, request the COE yourself before asking the borrower to locate their DD-214. If the lender can pull it through ACE, you save the borrower the step entirely.