Thursday, November 14, 2013

What do you need to get Pre-Approved?

This is a list of documentation needed for a loan Pre-approval. I thought i would post a list of what you might need to be prepared. When you do meet with your lender, he or she will advise you.

Most Borrowers

§  Copies of W-2's for the last two years;
§  Copies of paycheck stubs for the last 30 days (current);
§  Copies of checking and saving account statements for last three months(full statement, Ex. 1-5)
§  Copies of quarterly or semi-annual statements for checking, savings, IRA's, CD's, money market fund, stock, 401k, profit sharing, etc.;
§  Copy of executed sales contract
§  Copy of drivers’ license for applicant and co-applicant.
§  Employment history for the last two years (address any gaps of employment);
§   Residency history over the last two years, with name, phone number, address and account number of Land or Mortgage Company. Rental property copies of leases plus mortgage information.
§  Canceled earnest money check when it clears or corresponding bank statement, if applicable;
§  Commissioned -- if 25% or more of base, must have tax returns;
§  Check for the expense of appraisal & credit report;
§  Refinance Copy of Note, Deed of Trust, Settlement Statement, Survey, and Insurance information;
§  Any assets used for down payment, closing cost, and cash reserves must be documented by a paper trail;
§  If paid off mortgage in the last 2 years, need copies of HUD1;

This applies for most borrowers, it varies on your financial situation. 

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