Get Pre-Approved

Getting pre-approved for financing is a simple but very important step in a home purchase. In order for a seller to be assured that you are a qualified buyer for their property, they will want to see that you have been pre-approved forfinancing when you submit your offer to them.

Click here for the steps to receive a Mortgage Pre-approval Letter (Mortgage Loan Process - Step 1) and also for Final Loan Approval after you get your offer accepted (Mortgage Loan Process -Step 2).

Before calling a mortgage loan agent to qualify you, you should have the following list of items ready so that you can provide the information when asked.

ITEMS REQUIRED FOR MORTGAGE FINANCING:

Salaried employees

• last 2 paystubs and 2 yrs W2s
• last 2 mths bank stmts to verify the down pmt and closing fees
• retirement accounts (if applicable)
• last 2 yrs tax returns required only upon request by underwriter
• List of current debts and monthly pmts
• If refinancing: copy of current mortgage stmt, copy of property taxes, insurance premiums, and HOA dues

Self-employed or sales/commissioned employee

• Last 2 yrs personal tax returns including all schedules - Federal 1040 and K1s/Corp returns, if applicable
• If 2010 return not filed yet, will need copy of tax extension
• last 2 mths bank stmts to verify the down pmt and closing fees
• retirement accounts (if applicable)
• List of current debts and monthly pmts

Special Circumstances – other income verification

• Previously divorced – copy of divorce decree verifying alimony or child support pmt or income may be required
• Social Security – copy of benefits stmt, direct deposits into banking acct OR tax return to show receipt of social security
• Rental income – lease agreements OR tax returns (Schedule E)
• Military borrowers – require LES to show BAS, BAH and other income

Special Circumstances – other asset verification

• Proceeds from sold property – copy of FINAL closing statement from escrow and copy of funds deposited into banking acct
•  IRA funds, 401K loan acceptable for down pmt – must show documentation of withdrawal and transfer of funds into banking acct
• Gift funds – signed gift letter and copy of giftor’s bank stmt showing they have the funds in their bank acct to give borrower